SSR = BTC market cap ÷ total stablecoin market cap. Lower = more dry powder relative to BTC.
5.32
High Dry Powder
BTC Market Cap
$1.66T
Stablecoin Supply
$312.08B
30d SSR Change
+3.70%
↺ Stable
SSR — last 90D
Opening chart
90 daily values — 365d is the free CoinGecko historical ceiling
SSR Regime Reference
< 4
Extreme Dry Powder — Very large stablecoin supply relative to BTC — historically associated with high stablecoin-to-BTC deployment capacity.
4–7
High Dry Powder — Above-average stablecoin supply relative to BTC — elevated stablecoin-to-BTC market cap ratio.
7–11
Balanced — Stablecoin supply in line with historical norms — no clear directional signal.
11–16
Limited Dry Powder — Stablecoin supply shrinking relative to BTC — stablecoin-to-BTC market cap ratio declining.
> 16
Compressed Dry Powder — Very low stablecoin supply relative to BTC — historically associated with risk-off positioning.
SSR is a market-structure indicator, not a trading signal. Regime thresholds are derived from historical BTC/stablecoin market cap data. This is not financial advice.
The Stablecoin Supply Ratio (SSR) measures how much Bitcoin would cost to buy using the current total stablecoin supply. SSR = BTC market cap ÷ stablecoin market cap.
A low SSR means stablecoins (USDT, USDC, DAI, etc.) are large relative to BTC's market cap — a high stablecoin-to-BTC ratio by market cap. Historically, low SSR periods have coincided with elevated stablecoin-to-BTC deployment capacity.
A high SSR means Bitcoin's market cap dominates relative to available stablecoin supply — suggesting limited sideline capital waiting to enter. This does not predict price direction; it is one structural context metric among many.
Frequently asked questions
What is the Stablecoin Supply Ratio (SSR)?
The Stablecoin Supply Ratio (SSR) is Bitcoin's total market capitalization divided by the total market capitalization of major stablecoins in circulation. It is a structural context metric, not a signal that predicts price: a lower SSR means a larger pool of stablecoin "dry powder" exists relative to Bitcoin's size, while a higher SSR means the stablecoin pool is comparatively smaller. Liquid State computes SSR daily from BTC market cap and DeFiLlama-sourced stablecoin supply data.
How is the Stablecoin Supply Ratio calculated?
SSR = BTC market capitalization ÷ total stablecoin market capitalization, using the combined supply of the major tracked stablecoins (e.g. USDT, USDC, DAI). Liquid State recalculates this daily and shows a 90-day history alongside a regime label and a velocity signal derived from the recent rate of change.
What does a low or high SSR mean?
A low SSR indicates a larger stablecoin supply relative to Bitcoin's market cap — more stablecoin capital exists on the sidelines relative to BTC's size. A high SSR indicates the opposite: a comparatively smaller stablecoin pool relative to BTC. This is presented as structural market context, not a trading signal or a prediction of future price direction.
What data does Liquid State use to calculate SSR?
Liquid State sources BTC market capitalization from CoinGecko and total stablecoin market capitalization from DeFiLlama, both free public data sources with no paid key required. The ratio and its 90-day trend are recomputed on each page load.