Bitcoin’s Dry Powder Myth Busted: Outflows – Not Buyers – Driving Low SSR
Feb 25, 2026
< 1 min read
by Wayne Jones
for CryptoPotato

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AI Overview
Bitcoin's Stablecoin Supply Ratio (SSR) decreased to 9.36, suggesting potential buying power; however, on-chain data indicates capital is exiting the ecosystem instead of accumulating stablecoins, possibly distorting the bullish signal.
Bearish
Bitcoin’s Stablecoin Supply Ratio (SSR) has dropped to 9.36, a level historically associated with significant buying power waiting on the sidelines, but on-chain data shows this metric is flashing a false signal.
According to analyst Axel Adler Jr., the decline is being driven by capital leaving the ecosystem rather than stablecoin accumulation, which fundamentally alters how investors interpret this classic bullish indicator.
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