Analyst: The net flow of stablecoin exchanges has turned positive for the first time after 113 consecutive days of outflow

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 a continuous net outflow of 113 days since May 11. However, this reading subsequently dropped to $11.66 million and $6.85 million over the next two days, a decrease of about 51%, indicating that positive momentum is weakening.

Meanwhile, the stablecoin supply ratio has retreated from its peak on August 26, and three oscillation indicators remain above zero, suggesting a recovery in relative purchasing power but still below recent norms. Analysts state that the current signals are better interpreted as the end of the net outflow state rather than confirming sustained inflows. The net flow of stablecoins is no longer clearly negative, and the SSR (stablecoin supply ratio) has retreated from recent highs, but neither indicator has confirmed a continued expansion of liquidity.

A comprehensive liquidity reversal requires sustained positive net flows from exchanges and an expansion of those flows, while the SSR oscillation indicators continue to decline into neutral territory. Currently, only the first phase transition from outflow to a more balanced state has been completed, with the main risk being a return to negative net flows.