Stablecoin Supply Ratio (SSR)

SSR compares Bitcoin's market cap to the combined market cap of major stablecoins (USDT, USDC, DAI). Stablecoins are the market's dry powder — capital parked on-exchange, one click from buying.

Low SSR means stablecoin buying power is large relative to Bitcoin — historically a supportive setup — while high SSR means little sideline capital remains relative to BTC's size. The metric trends structurally downward as stablecoins grow, so compare against the recent regime rather than 2018 levels.