Yes

>>The notion of Bitcoin’s dry powder is disproven—low SSR results from outflows, not new buyers.

The notion of Bitcoin’s dry powder is disproven—low SSR results from outflows, not new buyers.

crypthub

about 3 hours ago

SSR Decline Explained

The Stablecoin Supply Ratio fell to 9.36, a level usually tied to strong buying power. Analyst Axel Adler Jr. says the drop stems from capital exiting Bitcoin, not from stablecoin accumulation. Both Bitcoin’s market cap and USDT supply contracted, turning the SSR into a false bullish cue.

Liquidity Drain vs Bullish Signal

USDT’s market cap peaked at $187.2 bn on Dec 30, 2025, then slipped to $183.6 bn, losing $3.6 bn in 60 days. The 30‑day USDT change has been negative for 34 straight days, eroding the SSR’s meaning. Meanwhile, the Estimated Leverage Ratio stayed flat around 0.219, indicating speculative risk is neither growing nor shrinking.

Market Impact and Outlook

Bitcoin briefly slipped below $63 k before rebounding to $65.4 k, marking a 25% drop in the past month. Older supply now makes up about 46% of circulating coins, showing many investors hold losses from the 2025 peak. Adler warns a genuine reversal requires sustained USDT inflows and a rising ELR; until then, the low SSR reflects capital outflows, not buying opportunities.