Stablecoin exchange net flow turned positive on September 1 for the first time after 113 consecutive days of outflows, according to CryptoQuant analyst Axel Adler Jr. The 30-day average net flow reached $13.85 million, ending a streak that began on May 11. The reading then slipped to $11.66 million and $6.85 million over the next two days, a roughly 51% decline that suggests the initial positive momentum is weakening. At the same time, the stablecoin supply ratio pulled back from its August 26 peak while three oscillators remained above zero, indicating some recovery in relative purchasing power but still below the recent norm. The analyst said the data is better interpreted as the end of a net outflow phase rather than confirmation of sustained inflows. A broader liquidity reversal would require exchange net flows to remain positive and expand, while the SSR oscillator continues to fall toward neutral territory. For now, the market appears to have completed only an initial transition from persistent outflows to a more balanced state.