In line with an analyst, Bitcoin sits in a liquidity set-up that has proven up earlier than large rallies. Costs aren’t capturing increased but. At press time Bitcoin trades round $104,500, down 0.5% over the previous day.
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Merchants watched a decline of about 1.8% earlier that pushed the value close to $103,400 and it briefly touched $102,850 in the course of the transfer.
Stablecoin Sign Factors Towards Accumulation
CryptoQuant analyst Moreno factors to the Stablecoin Supply Ratio, or SSR, as the primary clear indicator. The SSR compares Bitcoin’s market cap to the whole market cap of stablecoins. It has dropped again into the 13 vary.
Based mostly on historic readings, that 13 space has lined up with market lows in mid-2021 and at a number of moments throughout 2024. Experiences present that when SSR fell to related ranges, liquidity quietly constructed up and shopping for adopted after a interval of low volatility.
Liquidity Sample Has Appeared Earlier than Each Bitcoin Surge — And It’s Again
“We’re witnessing a liquidity configuration that has solely appeared a handful of occasions since 2020, and every occasion marked a pivotal second for Bitcoin’s trajectory.” – By @MorenoDV_ pic.twitter.com/vWKcCkyn55
— CryptoQuant.com (@cryptoquant_com) November 11, 2025
Binance Reserve Tendencies Add A Second Layer
The second metric Moreno highlights comes from Binance. On that change, stablecoin balances are rising whereas Bitcoin reserves are shrinking. In plain phrases: extra cash-like tokens sit on the change and fewer cash are being held there.
That sample has appeared solely a handful of occasions since 2020, in response to the information he referenced. Every time, the motion steered capital ready on the sidelines and holders transferring cash off exchanges into longer-term storage.
Market Calm Can Conceal Huge Strikes
The present buying and selling backdrop is cautious. Many buyers anticipated a lift after information that the US Congress permitted short-term federal funding via January 30, but crypto didn’t rally with different danger belongings.
Some capital rotated again to shares. On the identical time, massive holders took income after current highs, and momentum cooled. That blend exhibits how macro occasions can shift flows with out instantly turning into crypto shopping for.
Threat Nonetheless Exists — Construction May Break
Moreno warns this liquidity zone acts like a ultimate structural help. If the metrics break down decisively, it might sign a deeper reset earlier than any sustained restoration.
In that situation, shopping for would doubtless be delayed and volatility would rise. This isn’t a assured final result, however it’s a clear danger that merchants watch intently.
Outlook: Restricted Draw back, Rising Upside
Based mostly on experiences and on-chain indicators, Moreno believes the risk-to-reward favors consumers at these ranges. He factors to the built-up stablecoin provide and falling change BTC reserves as causes for that view.
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Historic patterns counsel the final three months of the yr usually convey positive factors for Bitcoin, however previous conduct doesn’t promise future returns.
For now, the symptoms present capital parked in stablecoins and fewer cash out there on main exchanges. That creates a setup the place contemporary shopping for might push the market increased rapidly if sentiment turns.
But the alternative is feasible: a break beneath these ranges would reshape the cycle and power many individuals to rethink positions. Markets will resolve which path comes subsequent.
Featured picture from Gemini, chart from TradingView