The ESP metric (Exchange Stablecoins Ratio, or otherwise the n | Token Daily

The ESP metric (Exchange Stablecoins Ratio, or otherwise the number of VTCs on exchanges divided by the number of stablecoins) rose to its highest level since May 2021. This means that bitcoins are arriving on exchanges faster than stabelcoins. This in turn means that the purchasing power of stabelcoins is declining. This is certainly a bearish sign for the market.
(CryptoQuant)