Stablecoin Net Flow Turns Positive After 113 Days, but Momentum Fades

CryptoQuant analyst Axel Adler Jr. noted that the 30-day average net flow of stablecoins turned positive for the first time on September 1, recording +$13.85 million, ending a 113-day net outflow streak since May 11. However, the reading dropped to $11.66 million and $6.85 million over the following two days, a decline of about 51%, signaling weakening momentum. Meanwhile, the stablecoin supply ratio (SSR) retreated from its August 26 peak, while three oscillator indicators remained above zero, indicating relative buying power has recovered but remains below recent norms. Adler said the current signal is better interpreted as the end of net outflows rather than a confirmation of sustained inflows. The stablecoin net flow is no longer clearly negative, and the SSR has declined from its recent high, but neither indicator confirms a sustained expansion of liquidity. A full liquidity reversal would require exchange net flows to remain positive and expand, along with SSR oscillators continuing to fall into neutral territory. Currently, only the first phase of transition from outflow to a more balanced state has been completed, with the main risk being a return to negative net flows.