Zizcrypto, an analyst at CryptoQuant, wrote that the 90-day reading of the Stablecoin Supply Ratio (SSR) Oscillator has pulled back after hitting 3.74 on Aug. 21, close to a peak around 4 seen in November 2024. The gauge had earlier climbed into the "strong stablecoin buying demand" zone. Bitcoin is now trading near $77,000. The analyst said the rapid rebound coincided with a strong liquidity pulse seen in markets previously, and that the short-term spike is less important than whether the demand signal holds. If the 90-day oscillator keeps falling and breaks below the "high" zone again, it would reduce the metric's ability to confirm sustained stablecoin buying demand. At this point, according to Zizcrypto, the move resembles a liquidity pulse rather than a durable demand expansion cycle. Stablecoin-side demand signals have indeed strengthened recently, he noted, but the 90-day oscillator has already cooled from the 3.74 peak. Should it fail to stay in the "high" zone, questions remain over whether the latest liquidity improvement can turn into more lasting demand growth.
CryptoQuant analyst Zizcrypto said the 90-day reading of the Stablecoin Supply Ratio (SSR) Oscillator had risen quickly into the "strong stablecoin buying demand" area, reaching 3.74 on Aug. 21, near the peak of about 4 in November 2024. After that, the indicator started to fall, while bitcoin trades around $77,000.
The fast rebound in this stablecoin-demand gauge matched an earlier strong liquidity pulse in the market, Zizcrypto wrote. In his view, what deserves attention is not the brief jump but whether the signal can last. If the 90-day SSR Oscillator continues to slide and drops back below the "high" zone, confirmation of a durable pickup in stablecoin buying appetite would weaken.
The analyst described the current shift as a liquidity pulse rather than a demand expansion cycle that has already taken shape. Stablecoin-side demand signals have strengthened recently, but the 90-day oscillator has started to cool from its 3.74 peak. Unless it can stay above the "high" zone, it remains uncertain whether the improved liquidity environment turns into longer-lasting demand growth.
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