According to data provided by the Glassnode analytics company, the Bitcoin Stablecoin Supply Ratio (SSR) has declined. The rate fell to lower levels from the autumn of 2020. This points to stablecoin accumulation that has the potential to raise the Bitcoin price. Details are in our news.
Moskovski Capital’s CIO, Lex Moskovski, shared a Glassnode chart showing that the Bitcoin Stablecoin Supply Rate is experiencing a massive drop. BTC SSR is the ratio between the circulating BTC supply and the specified supply of stablecoins in Bitcoin. Moskovski considered this an uptrend factor:
“When the SSR is low, the current stablecoin supply has more purchasing power to buy BTC.”
In terms of being more descriptive; SSR refers to the potential Bitcoin purchasing power of stablecoins. A low SSR means there are more stablecoins than BTC in the market. This situation shows that its purchasing power is high.
In addition, documents sent to the US Securities and Exchange Commission (SEC) show that the big IT company Globant has purchased $ 500,000 worth of Bitcoin. Earlier this month, MicroStrategy, led by Michael Saylor, announced that it had purchased $ 10 million worth of Bitcoin. Alongside these two IT giants, several other publicly traded companies have added Bitcoin to their balance sheet: Mercado Libre, traded with Nasdaq, and Japanese-Korean game maker Nexon. These can be evaluated as positive developments in terms of price.