Bitcoin prices are on the rise, buoyed by a surge in investor purchasing power, according to a recent analysis by Glassnode. As of July 2025, the Bitcoin Stablecoin Supply Ratio (SSR) Oscillator—a key metric for gauging market dynamics—indicates a more robust buying capacity among investors compared to the previous bull rally.
Understanding the SSR Oscillator
The SSR Oscillator is a refined measure that tracks the relationship between Bitcoin and stablecoins, which are cryptocurrencies pegged to fiat currencies like the US Dollar. Stablecoins, often dubbed the “dry powder” of the crypto world, serve as essential tools for trade execution across both centralized and decentralized markets. Glassnode’s report highlights how these stablecoins reflect the immediate purchasing power available for digital asset acquisitions. For further insights, see our related article on how Stablecoin Metrics Show Bitcoin Rally May Be Far From Over.
In layperson’s terms, when the SSR Oscillator hovers near zero, it suggests a balance—indicating that the amount of stablecoins available is in sync with the Bitcoin supply. This balance points to a neutral purchasing power. However, a dip in the SSR Oscillator suggests an increase in available capital, signaling stronger purchasing power. On the flip side, a spike would imply weakened buying strength.
The Current Market Landscape
Over the past few months, the SSR Oscillator has lingered close to zero, showcasing a steady purchasing power that stands in stark contrast to the previous year’s rally. During that period, Bitcoin prices soared past $100,000, but the SSR Oscillator was markedly positive, indicating a scarcity of stablecoin liquidity relative to Bitcoin’s supply.
“Despite similar price levels, this shift suggests that investor purchasing power has improved markedly, reflecting stronger underlying demand conditions,” the report notes. This nuanced observation underscores the current market’s resilience and the potential for future growth. For more on the recent price movements, refer to Bitcoin rallies to $109.7K but pro traders question BTC’s price momentum.
As of today, Bitcoin is trading at approximately $109,500, showing a modest 2% increase over the past week. This uptick, combined with the SSR Oscillator’s current reading, paints a picture of a market that, while not in the throes of a frenzied bull run, is nonetheless underpinned by solid demand fundamentals.
Historical Context and Future Implications
Historically, the SSR has been a bellwether for market sentiment and investor behavior. Its current state suggests that the market is in a healthier position than during previous peaks. The improved purchasing power could be attributed to a more mature market infrastructure, with stablecoins playing a pivotal role in enhancing liquidity.
Yet, questions linger. Can this trend sustain itself? Or will we see a return to the volatility that often characterizes the crypto space? As always, the crypto market remains unpredictable. Analysts are keenly watching for shifts in the SSR Oscillator that could signal changes in market dynamics.
In conclusion, while the Bitcoin market exhibits signs of strength, the future remains uncertain. The SSR Oscillator provides valuable insights, but the ever-evolving nature of cryptocurrency markets means that investors must remain vigilant. As Glassnode’s analysis suggests, the interplay between Bitcoin supply and stablecoin liquidity will continue to be a crucial factor in shaping the market’s trajectory in 2025 and beyond.
Source
This article is based on: Bitcoin Latest Rally Backed By Stronger Purchasing Power: Report
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
