Bitcoin is under short-term cost line pressure, and increased capital inflow suggests intensified long and short battles

ChainCatcher message, on-chain data analyst Murphy elaborates on the potential for market speculation brought about by the growth of stablecoin balances on Binance. BTC encountered resistance after reaching a high of $112,575 this morning, demonstrating the suppressive force of the short-term average cost line at $112,700, while validating the reasonableness of analyzing the market from the perspective of short-term holder sentiment and position mentality.

The failure to break through the resistance does not signify the end of the upward trend; there is still room for speculation. It has been observed that since BTC entered a correction on August 13, the mainstream stablecoin balances on Binance (USDT + USDC) have experienced a rapid and significant increase. From August 13 to September 3, there was a net increase of $4.9 billion, far exceeding the increases during the same period after BTC entered the correction zone in August 2024 ($3.4 billion) and March 2025 ($2.8 billion).

Calculating on a daily basis, the most significant inflows occurred on the following days: 2025.8.14: net increase of $1.83 billion; 2025.8.22: net increase of $1.72 billion; 2025.8.26: net increase of $760 million; 2025.8.28: net increase of $680 million; after subtracting the capital increment from Binance's financial activities, there is still $3.6 billion. The overall sentiment in both spot and derivatives markets is leaning bearish, but even with a weak market, there is still capital entering the market waiting for opportunities or gradually positioning.

The flow of funds is very similar to that during the relative bottom periods in August 2024 and March 2025. While this does not mean that a market reversal is imminent, it at least indicates that there is still potential for long-short speculation. This sharing is for learning and communication purposes only and should not be considered investment advice.