Weakening stablecoin inflows pointed to subdued demand for cryptocurrency assets on Saturday, with bitcoin hovering around $64,000. Transfers of stablecoins to exchanges have fallen to their lowest level since 2025, and the Digital Asset Market Clarity Act is still short of the Senate support it needs.
Bitcoin hovered around the $64,000 level Saturday evening, paring declines after weakening stablecoin inflows pointed to subdued demand for cryptocurrency assets. The token traded up 0.25% at $64,332 over 24 hours, according to Binance market data.
As of 17:00 ET (21:00 GMT), the cryptocurrency was trading at $64,360 and had ranged between approximately $63,703 and $65,396 during the session. The decline left the cryptocurrency roughly 50% below its record high as the bear market that began in October continued.
Stablecoin transfers to exchanges hit lowest level since 2025
Transfers to exchanges have fallen to their lowest level since 2025, CryptoQuant analyst Darkfost said. The 30-day average inflow of USDT and USDC on Ethereum stands at about $2.3 billion, well below the 365-day average of $3.7 billion.
When Bitcoin reached its record high, those figures were approximately $5.6 billion and $4.3 billion, respectively. Lower inflows suggest investors are moving less readily deployable capital onto trading platforms, pointing to weaker buying interest.
But stablecoin flow peaks can be lagging indicators, as some investors take profits after demand has already accelerated.
Clarity Act still short of Senate support
Regulatory uncertainty also remained in focus as the Digital Asset Market Clarity Act struggled to secure enough Senate support. Democrats have rejected proposed ethics limits on senior government officials as too weak, particularly restrictions covering President Donald Trump's crypto interests.
Senate Majority Leader John Thune said passage before the summer recess was unlikely. The bill would create a broader U.S. market structure for digital assets, including rules covering token oversight, stablecoin rewards and decentralised finance.
Altcoins set for a bearish close to the week
Broader crypto prices fell on Saturday and were set to close the week lower. Ether gained 0.6% to $1,832, while XRP gained 0.72% to $1.09.
BNB was up 0.6%, while Solana and Cardano gained 0.89% and 0.6% each. Among memecoins, Dogecoin gained 4.65% and $TRUMP fell 0.32%.
Source: Investing.com
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