Analyst: Stablecoin exchange net flow turns positive for first time after 113 consecutive days of outflows

PANews reported on September 3 that CryptoQuant analyst Axel Adler Jr. pointed out that the 30-day average net flow of stablecoins turned positive for the first time on September 1 (+$13.85 million), ending 113 consecutive days of net outflows since May 11. However, the reading then fell to $11.66 million and $6.85 million over the following two days, a decline of about 51%, indicating that the positive momentum is already weakening. At the same time, the stablecoin supply ratio has pulled back from its August 26 peak, and the three oscillators remain above zero, suggesting that relative purchasing power has recovered somewhat but is still below the recent norm.

The analyst said the current signals are better interpreted as the end of the net outflow state rather than confirmation of sustained inflows. Stablecoin net flow is no longer clearly negative, and the SSR (stablecoin supply ratio) has pulled back from recent highs, but neither indicator has confirmed a sustained expansion in liquidity. A full liquidity reversal would require exchange net flows to remain positive and expand, while the SSR oscillator continues to decline into neutral territory. At present, only the first-stage transition from outflows to a more balanced state has been completed, and the main risk is that net flow returns to negative territory.