Right now,
$BTC is under pressure again, and the stablecoin data isn’t helping the bullish case.
Two things stand out to me:
1️⃣ SSR 90D Oscillator flipped back negative (-0.15).
We briefly moved into green in January, but it didn’t last. That push above $95K failed, and price is now sitting near $67K. Historically, sustained strength requires SSR holding above zero for weeks — not days. We don’t have that.
2️⃣ USDT 30D market cap change turned negative (-$2.87B).
After January’s inflow, liquidity is now leaving the system again. That’s not what you see at the start of strong expansions. That’s what you see in compression phases.
For months, SSR has mostly lived in the red. That tells me BTC is underperforming relative to stablecoin supply. Translation: capital isn’t aggressively rotating back into risk.
January looked like an attempted recovery.
February feels like confirmation of failure.
For me, the shift only happens when:
USDT flows turn sustainably positiveSSR holds above zero, not just spikes briefly
Until then, the context remains risk-off, even if we get sharp relief rallies.
I’m not emotional about it — I’m just following liquidity.
When liquidity flips, structure follows.
The real question now:
Are we positioning for continued compression — or waiting for stablecoin flows to turn the tide?
#Bitcoin #CryptoMarkets #Liquidity #MarketStructure #RiskOff