우민규 Woominkyu2025-11-04

Bitcoin SSR Hits Rebound Zone Again — The Last Hope for Bulls?

The Stablecoin Supply Ratio (SSR) has dropped back to the same low zone we saw before Bitcoin’s rebound earlier this year — around the 13–14 range. Historically, this level has often acted as a liquidity turning point for Bitcoin. SSR represents the ratio between Bitcoin’s market cap and the total market cap of stablecoins. When SSR falls, it means stablecoin liquidity — the “buying power” sitting on the sidelines — is increasing. When SSR rises, it signals a drain of liquidity, often aligning with overheated or distribution phases. At the moment, SSR is retesting its yearly low while Bitcoin remains around $104K, showing signs of consolidation. This combination implies that fresh stablecoin capital might be quietly returning to the market — a possible setup for a relief rally or even a final bullish leg. However, there’s a subtle but important distinction this time: The SSR rebound zones are getting progressively weaker each cycle. This could mean the market’s liquidity engine is aging, and what comes next might be the last true euphoric rally before the next structural slowdown.