Stablecoin Supply Ratio (SSR) Oscillator
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About this metric
What it measures
The SSR Oscillator normalizes the Stablecoin Supply Ratio's deviation from its 200-day moving average using its rolling volatility. SSR is Bitcoin market cap divided by the market cap of tracked stablecoins; the oscillator is a unitless, zero-centred measure rather than a BTC amount or a percentage.
How to read it
Negative readings put SSR below its recent baseline, indicating more stablecoin value relative to Bitcoin than usual; positive readings indicate the reverse. The series recorded about -2.83 on March 12, 2020 and reached 4.226 on October 25, 2023. Such swings describe relative liquidity conditions, not how much stablecoin capital will actually enter BTC.
Bitcoin price is part of SSR, so price moves alone can shift the oscillator without any stablecoin issuance or redemption. Coverage changes, stablecoin depegs and the rolling baseline also affect it. Stablecoins fund many activities besides Bitcoin, and neither a negative reading nor a return to zero confirms a price reversal.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
FAQ
Does a higher SSR Oscillator mean stronger stablecoin buying power?
The direction is the opposite: a higher reading means Bitcoin's value is larger relative to tracked stablecoin value than its recent baseline. A lower reading indicates greater relative stablecoin purchasing capacity, not actual demand.
Is zero on the SSR Oscillator the same as an SSR of 1?
No. Zero means SSR is at its rolling baseline. The underlying market-cap ratio can be well above 1 even when the oscillator is negative or zero.
Why does the SSR Oscillator history start in 2018?
The first non-null reading in this series is September 4, 2018, even though its configured data start is March 2017. A rolling indicator needs prior observations, so the chart should not be read as having oscillator values throughout the earlier period.
