Bitcoin stablecoin supply ratio (SSR) shows: current investors' purchasing power is stronger than the last bull run.

Core On-Chain Data Insights: SSR Indicator Reveals Market “Reserve Funds” Status

On-chain data analytics company Glassnode highlighted the latest trends of the Bitcoin Stablecoin Supply Ratio (Stablecoin Supply Ratio, SSR) in its latest weekly report. This metric measures the ratio between the circulating supply of Bitcoin and the total supply of stablecoins.

Stablecoins: The “Reserve Currency” and Pricing Foundation of the Crypto Market

• Stablecoins (Stablecoins) refer to cryptocurrencies that are pegged to the value of fiat currencies (such as the US dollar).
• SSR specifically refers to the ratio of Bitcoin supply to the supply of USD Stablecoins (USD Stablecoins) pegged to the US dollar.
• Glassnode emphasizes the key role of stablecoins: they have become a core component of the digital asset ecosystem and are the main pricing assets for centralized exchanges (CEX) and decentralized exchanges (DEX). Functionally, they represent “reserve funds” (Dry Powder) that can be used at any time to purchase digital assets.

SSR: A key indicator of Bitcoin’s relative purchasing power

• SSR essentially compares the Bitcoin supply with this portion of available “reserve funds”, directly reflecting the potential purchasing power of investors in Bitcoin.
• High SSR value: Indicates that the supply of Bitcoin is relatively large compared to the supply of stablecoins → Investor purchasing power is weak (more stablecoins are needed to drive an equivalent increase in BTC).
• Low SSR Value: Indicates that the stablecoin “reserve funds” are ample relative to the Bitcoin supply → Stronger purchasing power for investors (the same amount of stablecoin can purchase more BTC).

Current Focus: SSR Oscillator ( SSR Oscillator ) is Neutral

• The core of this analysis is not the original SSR, but its derived indicator – SSR Oscillator (SSR Oscillator).
• This indicator measures the volatility of the SSR’s 200-day simple moving average (200d SMA) within the Bollinger Bands BB(200, 2) channel.
• Latest On-Chain Data Chart Analysis ( shows the trend of Bitcoin SSR oscillator in recent years ):

Data Analysis Conclusion: Purchasing power is in a neutral range

• As shown in the figure, in the past few months, the Bitcoin SSR oscillator has continued to fluctuate around the zero value.
• This indicates: Current investor purchasing power ( stablecoin reserves ) are at a neutral level relative to Bitcoin supply.
• Key Insights: Although in a neutral range, combined with historical context, the current data clearly shows that investors’ potential purchasing power is significantly stronger than during the peak of the last bull market. This indicates that there exists relatively ample “reserve funds” to support potential upward movement in Bitcoin prices.