On September 3, CryptoQuant analyst Axel Adler Jr. said the 30-day net flow of stablecoins on exchanges flipped positive on September 1 for the first time, snapping a 113-day run of net outflows. That points to a break in what had been a steady drain of stablecoin liquidity.
Net Inflow Data and Trend
The 30-day average net flow of ERC20 stablecoins on exchanges stayed below zero from May 11 through August 31, for a total of 113 straight days of net outflows. Then came September 1: the metric climbed to $13.85 million. After that, it eased to $11.66 million on September 2 and $6.85 million on September 3. A quick fade. The positive net inflow shrank by about 51% in two days, which suggests the liquidity backdrop is moving away from persistent outflows and toward a balancing phase, not a confirmed wave of big capital coming back.
SSR Indicator Changes
At the same time, Bitcoin's stablecoin supply ratio (SSR) has been pulling back from its August highs. The SSR was 13.84 on September 1, and its 90-day, 200-day, and 365-day oscillators were all still positive. So stablecoin buying power looks to be getting better, but it still has not moved into a clearly expansionary phase. For now, the market signal is neutral.
Outlook
If stablecoin net inflows to exchanges keep growing and the SSR keeps falling, that could add support to the case for a reversal in crypto market liquidity. But if net flows slip back into negative territory, this latest improvement may turn out to be temporary.