Bitcoin's recent rally might hit a snag. The culprit? Stablecoin liquidity.

CryptoQuant, a market intelligence firm, points to a potential roadblock. They reckon Bitcoin's price surge could stall without more stablecoin action.

Bitcoin ETFs are still raking in cash. But that might not be enough. CryptoQuant told Decrypt that "stablecoin liquidity [has] yet to fully pick up."

They're particularly eyeing Tether's USDT. It's the big fish in the stablecoin pond. Its market cap growth is "still near zero," says CryptoQuant.

Stablecoins are crypto's workhorses. They're pegged to stable assets, usually the US dollar. Traders use them to hop in and out of positions.

Without enough stablecoin flow, Bitcoin trading could slow down. That's CryptoQuant's take. It could put a damper on Bitcoin's price, they reckon.

Right now, Bitcoin's trading at $64,360. That's according to CoinGecko. It's below its March all-time high of $73,737. It's even under its 2021 peak of $69,044.

Bitcoin had been on a tear. The SEC gave the nod to spot Bitcoin ETFs in January. Money poured in. The price shot up.

Then things cooled off. Investors got spooked by geopolitics and Fed worries. The Mt. Gox payout also raised eyebrows.

But now, appetite for Bitcoin is back. Tuesday saw $422 million flow into ETFs. That's the biggest single-day inflow since early June.

The million-dollar question remains. Can Bitcoin keep climbing without more stablecoin juice? CryptoQuant's got us all scratching our heads on that one.