2023-8-30 19:00 |
Quick Take
For the first time this year, the Stablecoin Supply Ratio (SSR) Oscillator, a derivation of the SSR that measures the movement of its 200-day Simple Moving Average within the Bollinger Bands, has dipped below zero. This implies that a considerable supply of stablecoins is awaiting deployment, seemingly sidelined.
The SSR—a calculation of Bitcoin supply against the combined supply of stablecoins (USDT, TUSD, USDC, USDP, GUSD, DAI, SAI, and BUSD) expressed in BTC—has historically served as a reliable barometer of the supply/demand dynamics between Bitcoin and the US Dollar. A lower SSR indicates a higher “buying power” for stablecoins to acquire Bitcoin, according to Glassnode.
Past data reveals a pattern: a drop in the oscillator often correlates with a local bottom in Bitcoin’s price, hinting towards a potential liquidity shortage. This presents an intriguing scenario for Bitcoin and the broader cryptocurrency market, as unleashing this dormant stablecoin supply could substantially impact Bitcoin’s price trajectory.
SSR: (Source: Glassnode)The post Dormant stablecoin supply ready to impact Bitcoin, SSR Oscillator dips below zero appeared first on CryptoSlate.
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