CryptoQuant Analyst Says Stablecoin Net Outflows Ended After 113 Days

CryptoQuant analyst Axel Adler Jr. said the 30-day average net flow of stablecoins turned positive for the first time on September 1, at $13.85 million, ending 113 consecutive days of net outflows since May 11. According to ChainCatcher, the figure then fell to $11.66 million and $6.85 million over the next two days, a drop of about 51%, suggesting the positive momentum is weakening. At the same time, the stablecoin supply ratio has retreated from its August 26 peak, while three oscillator indicators remain above zero, indicating that relative buying power has recovered but is still below recent norms. The analyst said the current signals are better interpreted as the end of a net outflow phase rather than confirmation of sustained inflows. A full liquidity reversal would require exchange net flows to remain positive and expand further, while the SSR oscillator continues to decline into neutral territory. For now, the market has only completed the first stage of a shift from outflows to a more balanced state, with the main risk being a return to negative net flows.