BTC mcap ÷ stablecoin mcap (2017+) — BTC market cap ÷ aggregate stablecoin market cap — low SSR = large stablecoin buying power vs BTC
How large Bitcoin’s market cap is relative to all stablecoins combined — a proxy for how much sidelined “dry powder” could rotate into BTC.
Low SSR = stablecoin supply is big relative to BTC — lots of latent buying power (historically bullish). High SSR = little relative firepower left.
Stablecoins only exist since late 2017, so the series starts there. The stablecoin total comes from DefiLlama and refreshes with the external-data cron.