Quick Take
Recent data analysis reveals a steady influx of stablecoins into Bitcoin, a phenomenon underpinned by the Stablecoin Supply Ratio (SSR) created by Glassnode. The SSR denotes the ratio between Bitcoin’s supply and that of stablecoins, with the calculation formula being: Bitcoin Market cap divided by Stablecoin Market cap.
Notably, the stablecoins considered in this framework include USDT, TUSD, USDC, USDP, GUSD, DAI, SAI, and BUSD. A lower SSR implies that the current stablecoin supply wields a greater “buying power” to purchase Bitcoin. The ratio, however, has exhibited an upward trajectory over the past few weeks, indicating an increase in Bitcoin purchases using stablecoins.
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