In response to 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.
Associated Studying
Merchants watched a decline of about 1.8% earlier that pushed the worth close to $103,400 and it briefly touched $102,850 through 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 overall 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. Reviews 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 trade, stablecoin balances are rising whereas Bitcoin reserves are shrinking. In plain phrases: extra cash-like tokens sit on the trade and fewer cash are being held there.
That sample has appeared solely a handful of occasions since 2020, in keeping with the info he referenced. Every time, the motion recommended capital ready on the sidelines and holders transferring cash off exchanges into longer-term storage.
Market Calm Can Conceal Massive Strikes
The present buying and selling backdrop is cautious. Many traders anticipated a lift after information that the US Congress accepted short-term federal funding by means of January 30, but crypto didn't rally with different danger property.
Some capital rotated again to shares. On the identical time, massive holders took earnings after latest highs, and momentum cooled. That blend reveals how macro occasions can shift flows with out instantly turning into crypto shopping for.
Danger Nonetheless Exists — Construction Might Break
Moreno warns this liquidity zone acts like a ultimate structural assist. If the metrics break down decisively, it may sign a deeper reset earlier than any sustained restoration.
In that situation, shopping for would seemingly be delayed and volatility would rise. This isn't a assured end result, however it's a clear danger that merchants watch carefully.
Outlook: Restricted Draw back, Rising Upside
Based mostly on experiences and on-chain alerts, Moreno believes the risk-to-reward favors patrons at these ranges. He factors to the built-up stablecoin provide and falling trade BTC reserves as causes for that view.
Associated Studying
Historic patterns recommend the final three months of the yr typically deliver positive aspects for Bitcoin, however previous habits doesn't promise future returns.
For now, the indications present capital parked in stablecoins and fewer cash accessible on main exchanges. That creates a setup the place recent shopping for may push the market increased shortly if sentiment turns.
But the alternative is feasible: a break beneath these ranges would reshape the cycle and drive many members to rethink positions. Markets will determine which path comes subsequent.
Featured picture from Gemini, chart from TradingView