Bitcoin is trading near $65,000, but CryptoQuant analyst Axel Adler Jr. highlights weak buying momentum due to persistent stablecoin outflows. Bitcoin's 30-day net flow remains near neutral, lacking the deep outflow signals typical of accumulation phases. Stablecoin net flow has been negative for 35 consecutive days, recently dropping below -$100 million, indicating a continued drain from exchanges and insufficient purchasing power in the market. Adler Jr. notes that Bitcoin's neutral flow is not a bullish indicator, as the absence of significant outflows suggests strong holders are not removing supply from exchanges. A positive shift would require stablecoin net flow to turn positive and sustained Bitcoin outflows. Further deepening of stablecoin outflows could increase price pressure on Bitcoin.