What Does the Current SSR Indicator Mean for Bitcoin (BTC)?
Bitcoin SSR has reached an all-time low, an expert explained that it could be good for Bitcoin (BTC).
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Data provided by Glassnode shows that Bitcoin’s Stablecoin Supply Rate (SSR) has dropped to 6,525 ATL (an all-time low). SSR indicates the potential purchasing power of stablecoins for Bitcoin, the largest cryptocurrency in circulation. The lower the SSR, the more stablecoins in the market compared to Bitcoin. This indicates an increase in purchasing power. Therefore, it is thought that the current situation may have a positive effect on the Bitcoin price.
A massive drop in Bitcoin SSR was also reported on May 25. At the time, Moskovski Capital’s chief investment officer described this as a potentially positive factor for BTC because as the SSR drops, the current stablecoin supply becomes with greater purchasing power to buy more BTC.
As such, these stablecoins are money that could potentially flow into Bitcoin.