According to an analyst, Bitcoin sits in a liquidity set-up that has proven up earlier than massive rallies. Prices aren’t capturing increased but. At press time Bitcoin trades round $104,500, down 0.5% over the previous day.
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Traders 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 Signal Points Toward 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 on historic readings, that 13 space has lined up with market lows in mid-2021 and at a number of moments throughout 2024. Reports present that when SSR fell to related ranges, liquidity quietly constructed up and shopping for adopted after a interval of low volatility.
Liquidity Pattern Has Appeared Before Every Bitcoin Surge — And It’s Back
“We’re witnessing a liquidity configuration that has only appeared a handful of times since 2020, and each instance marked a pivotal moment for Bitcoin’s trajectory.” – By @MorenoDV_ pic.twitter.com/vWKcCkyn55
— CryptoQuant.com (@cryptoquant_com) November 11, 2025
Binance Reserve Trends 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 instances since 2020, based on the info he referenced. Each time, the motion prompt capital ready on the sidelines and holders transferring cash off exchanges into longer-term storage.
Market Calm Can Hide Big Moves
The present buying and selling backdrop is cautious. Many buyers anticipated a lift after information that the US Congress accepted short-term federal funding by way of January 30, but crypto didn’t rally with different danger belongings.
Some capital rotated again to shares. At the identical time, giant holders took earnings after latest highs, and momentum cooled. That combine exhibits how macro occasions can shift flows with out instantly turning into crypto shopping for.
Risk Still Exists — Structure Could Break
Moreno warns this liquidity zone acts like a last structural help. If the metrics break down decisively, it may sign a deeper reset earlier than any sustained restoration.
In that state of affairs, shopping for would probably be delayed and volatility would rise. This is just not a assured consequence, however it’s a clear danger that merchants watch carefully.
Outlook: Limited Downside, Growing Upside
Based 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 trade BTC reserves as causes for that view.
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Historical patterns recommend the final three months of the yr typically deliver features for Bitcoin, however previous habits doesn’t promise future returns.
For now, the indications present capital parked in stablecoins and fewer cash obtainable on main exchanges. That creates a setup the place contemporary shopping for may push the market increased shortly if sentiment turns.
Yet the other is feasible: a break under these ranges would reshape the cycle and drive many members to rethink positions. Markets will resolve which path comes subsequent.
Featured picture from Gemini, chart from TradingView
