Bitcoin is facing renewed pressure near $77,000 as stablecoin purchasing demand shows signs of fading, according to CryptoQuant analysis published on September 3, 2026. The 90-day Stablecoin Supply Ratio Oscillator peaked at 3.74 on August 21, close to November 2024’s 4.00 peak, after entering a strong stablecoin purchasing-demand zone. The indicator has since begun to retreat, coinciding with Bitcoin slipping from roughly $80,000 toward the upper $77,000 region.
The Stablecoin Supply Ratio measures Bitcoin’s market value against the stablecoin supply available in the crypto market. CryptoQuant’s oscillator tracks changes across USDT, USDC, BUSD, TUSD, USDP, GUSD, DAI, and SAI. Analyst Zizcrypto noted that while the oscillator accelerated from near zero during Bitcoin’s rebound from about $63,000 to near $80,000, it now must hold inside the high-demand zone to confirm durable buying power.
If the reading continues to decline and falls below the high-demand boundary, it would weaken bullish confirmation. A move toward zero would suggest the August surge was a temporary liquidity impulse rather than lasting demand. Historical patterns show liquidity spikes have accompanied major Bitcoin gains, but sustained rallies require persistent purchasing power and stronger stablecoin deployment into spot markets.
Traders are being advised to monitor stablecoin activity and Bitcoin’s price action closely, as further cooling could leave BTC exposed to weaker liquidity support and additional downside risk.
