Analyst: Two key liquidity indicators both point to a weak market, with the "SSR 90-Day Oscillation Index" holding above the zero line signaling a potential reversal.

**Crypto Analyst Axel: Key Liquidity Indicators Flag Weak Market, January Recovery Push Failed** On February 12, cryptocurrency analyst Axel said in a social media post that two critical liquidity indicators are signaling a weak market. The Bitcoin Stablecoin Supply Ratio (SSR) 90-day Oscillator briefly turned positive in January before falling back into negative territory (currently -0.15). Meanwhile, USDT’s market cap has dropped $28.7 billion over the past 30 days—confirming ongoing liquidity outflows from the crypto ecosystem. Axel noted that in mid-January, the SSR 90-day Oscillator hit +0.057, while USDT’s market cap rose $14 billion over 30 days—timing with Bitcoin’s brief push above $95,000. But both signals failed to hold: by February, the SSR had flipped negative again, and Bitcoin had pulled back to $67,000. “January was a tentative recovery push, but February marks that push’s failure,” Axel said. He added that the six-month dominance of the “pink zone” signals Bitcoin’s ongoing weakness relative to stablecoins, and the market has shifted back to risk-averse behavior. He stressed that a true medium-term reversal signal will come when the SSR 90-day Oscillator moves back above the zero line and stays in the green zone for at least 2–3 weeks. Until then, any rebound should be viewed as a high-volatility trap.