Bitcoin’s Liquidity Ratio Near Key History Level

The Stablecoin Supply Ratio (SSR) is currently hovering near 9.6, a level that has historically acted as a structural turning point for Bitcoin. The signal is not inherently directional, but its trajectory into this zone has repeatedly defined liquidity-driven pivots.

According to a recent update shared by CryptoQuant, the SSR now sits within what can be described as a liquidity equilibrium band around ~9.5.

What the SSR Measures

The SSR compares Bitcoin’s market capitalization to the total supply of stablecoins.

• A falling SSR indicates stablecoin supply is growing relative to Bitcoin’s market cap.
• A rising SSR suggests stablecoin strength is fading relative to BTC.

Because stablecoins represent deployable capital, the ratio effectively measures available “dry powder” relative to Bitcoin’s size.

When the Zone Acts as Support

Historically, when SSR declines from higher levels and compresses toward the ~9.5 area, Bitcoin has often found support.

In those cases, the ratio’s decline reflects expanding stablecoin liquidity. As sidelined capital builds, buying capacity improves. When price weakness meets rising relative stablecoin strength, stabilization or upward reversals have frequently followed.

In this context, the approach to 9.5 from above can function as a constructive signal.

When the Zone Acts as Resistance

The same level has also functioned differently depending on direction.

When SSR rises toward ~9.5 from below and fails to sustain a breakout, the zone has acted as resistance. In those instances, relative stablecoin strength begins to contract, liquidity expansion slows, and Bitcoin has historically printed local tops shortly afterward.

Here, the approach signals tightening rather than expanding liquidity conditions.

Structural Interpretation

The key takeaway is that ~9.5 is not inherently bullish or bearish. It represents a liquidity balance point.

What matters is direction:

• Compressing toward 9.5 from above → improving buying power
• Rising toward 9.5 from below → potential liquidity exhaustion

At current levels near 9.6, Bitcoin sits at a structural liquidity inflection zone. The next move in SSR, whether it continues compressing or turns higher, will likely determine whether this area functions as support or as a ceiling.

For now, the market is not lacking liquidity. It is testing whether that liquidity expands, or begins to contract.

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