Analysts: Stablecoin Demand Signals Cool as Liquidity Shock Persistence Remains in Question

TechFlow reports on September 3: According to monitoring by CryptoQuant analyst Zizcrypto, the Stablecoin Supply Ratio Oscillator (90D) spiked to a peak of 3.74 on August 21, approaching the historical high of approximately 4.00 set in November 2024 and entering a zone of robust stablecoin buying demand. However, the indicator subsequently cooled off, with BTC currently trading around $77,000. The analyst points out that this rebound coincided with a strong liquidity surge; the key lies in whether the signal can persist. If the 90D reading continues to fall and drops out of the elevated range, this rally is more likely driven by short-term liquidity rather than the formation of a sustained demand trend.