Data provided by cryptocurrency data analytics firm Glassnode shows that Bitcoin’s stablecoin supply ratio (SSR) plummeted to an ATL (low) of 6.525. This was reported on the 12th (local time) by YouTube.
Bitcoin SSR is the ratio between the circulating supply of Bitcoin and the supply of stablecoins denominated in Bitcoin. Analysts see the decline in the Bitcoin SSR as a bullish factor for Bitcoin.
On May 25th, we recently reported a major decline in the Bitcoin SSR. At the time, the chief investment officer of Moskovsky Capital explained this as a positive factor for Bitcoin as the current stablecoin supply has a large purchasing power to secure more Bitcoin as the SSR is deeply eroded.
Thus, these stablecoins are money that could potentially flow into Bitcoin.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.