According to CoinMeta, as revealed by analyst Axel Adler Jr, the average net flow of ERC-20 stablecoin exchanges has been negative for 113 consecutive days from May 11 to August 31. On September 1, it turned positive for the first time at $13.85 million, but then dropped to $6.85 million on September 3, a decrease of about 51% within two days. Adler believes that this is more in line with the previous continuous outflow situation, rather than indicating the formation of a new round of sustained inflow of stablecoins. At the same time, the supply-to-demand ratio of Bitcoin stablecoins ( SSR ) has fallen from its August high, suggesting an improvement in the relative purchasing power of stablecoins. However, the overall liquidity signal remains neutral for now and is not sufficient to confirm a full return of demand.