Data of the Bitcoin Stablecoin Supply Ratio suggests investors have stronger purchasing power today than during the previous bull rally. Bitcoin Stablecoin Supply Ratio Showing Neutral Purchasing Power In its latest weekly report, the on-chain analytics firm Glassnode has talked about the latest trend in the Stablecoin Supply Ratio (SSR) of Bitcoin. This indicator measures the ratio between the Bitcoin supply and the supply of stablecoins. Stablecoins are cryptocurrencies that have their price tied to a fiat currency. The SSR specifically measures the supply of the stablecoins tied to the US Dollar (USD). As for the role that these assets play in the sector, Glassnode explains: Stablecoins have become a critical component of the digital asset ecosystem, serving as the primary quote asset for trading across both centralized and decentralized venues. Functionally, they represent readily available capital, or “dry powder”, available for digital asset purchases. As such, the SSR compares the Bitcoin supply against this available dry powder. In other words, it tells us about how the cryptocurrency compares against the investor’s purchasing power. When the value of the metric is high, it means the BTC supply is high compared to the stablecoin supply. In other words, the trader’s purchasing power is weak. On the other hand, the indicator being low suggests there is high dry powder available relative to the BTC supply. In the context of the current discussion, the SSR itself isn’t of focus, but rather a modified indicator called the SSR Oscillator. According to the analytics firm, the metric measures “how the 200d SMA of the SSR moves within the Bollinger Bands BB(200, 2).” Now, here is a chart that shows the trend in the Bitcoin SSR Oscillator over the last few years: As displayed in the above graph, the Bitcoin SSR Oscillator has been close to the zero mark during the last couple of months, indicating the investor purchasing power is more or less neutral compared to the size of the BTC supply. From the chart, it’s visible that the trend was different during the rally beyond $100,000 that occurred late last year. Back then, the SSR Oscillator took on a highly positive value, suggesting the stablecoin supply was low relative to BTC. The cryptocurrency is currently also trading around the same levels as then, yet the SSR is showing a different story. “Despite similar price levels, this shift suggests that investor purchasing power has improved markedly, reflecting stronger underlying demand conditions,” notes the report. BTC Price At the time of writing, Bitcoin is trading around $109,500, up over 2% in the last seven days.

Bitcoin is up 45% since bottoming out near $75,000 in April and is now trading just under 4% away from its all-time high of $112,000. After weeks of consolidation and multiple failed breakout attempts, the market is entering a critical phase. Price action in the coming days will likely determine the next major move—either a clean push into price discovery or a pullback into key support levels around $103,600 and $100,000. Momentum has been building steadily, with bullish sentiment returning as macro conditions stabilize. However, investors remain cautious, awaiting confirmation from Bitcoin’s price structure before making aggressive moves. Data from CryptoQuant adds another layer to the current setup. The 30-day change in Bitcoin’s active supply percentage is sitting at -17%, a significant drop in activity. This metric tracks whether more or fewer coins are moving compared to a month ago. The current reading suggests declining on-chain activity, often a sign of market hesitation or long-term holders stepping back. Bitcoin On the Edge of Expansion As On-Chain Metrics Flash Opportunity The crypto market is heating up alongside US equities, which recently surged to new all-time highs. As macroeconomic uncertainty fades and risk appetite returns, Bitcoin sits at a pivotal moment. Bulls remain in control after a 45% rally from April’s $75K low, but to confirm the next leg up, BTC must decisively break into price discovery above the $112K resistance level. A key on-chain metric suggests that conditions are aligning for such a move. Axel Adler explains that the “% Supply Active, 30D Change” tracks the percentage growth or decline in Bitcoin’s active supply over the past month. It measures how much of the supply has moved in the last six months and compares it to the same figure 30 days ago. When this value is positive, coin movement is accelerating—typically seen during high-volatility uptrends. When it’s negative, activity is slowing down, signaling accumulation or hesitation. Currently, this value stands at -17%, indicating a marked drop in activity. That may seem bearish on the surface, but it mirrors the conditions seen in September 2024, just before a major rally began. The logic is simple: when fewer coins move and supply becomes more static, a tightening effect builds. Once demand returns, it often leads to sharp upward moves. In short, the low activity hints at a potential breakout window. Bitcoin is consolidating just below its all-time high, supported by favorable macro conditions and low on-chain velocity. If history is any guide, a sudden surge in activity—triggered by a move into new highs—could mark the beginning of the next expansion phase. All eyes are now on BTC’s next move. BTC Weekly Chart Analysis: Bullish Momentum Builds Below All-Time Highs Bitcoin’s weekly chart shows continued strength as price action consolidates just below the $112,000 all-time high. At the time of writing, BTC trades near $107,795, comfortably above the critical support zone at $103,600 and showing consistent higher lows since April. The 50-week moving average is rising sharply and now sits at $85,961, well below the current range, reinforcing the medium-term uptrend. Despite recent rejections near the $109,300 resistance, bulls have defended weekly closes above $100K and maintained momentum within a tight bullish flag structure. Volume has tapered off slightly, suggesting that traders are waiting for confirmation before committing to large positions. However, the lack of aggressive selling pressure indicates that market participants expect a breakout rather than a breakdown. If BTC breaks and closes above $109,300 on the weekly timeframe, the move would likely trigger stop orders and momentum-driven buying, pushing the price into uncharted territory. A failure to break resistance could result in another retest of the $103,600 level, which has acted as a strong floor throughout Q2 2025. Featured image from Dall-E, chart from TradingView

On-chain data shows Bitcoin activity has seen a major cooldown over the past month. What does history say about what could be next for BTC? Active Bitcoin Supply Has Seen A Similar Drawdown As In September 2024 As pointed out by CryptoQuant author Axel Adler Jr. in a new post on X, the 30-day change in the Bitcoin % Supply Active has recently been negative. This on-chain indicator measures, as its name suggests, the percentage of the cryptocurrency’s circulating supply that became involved in some kind of transaction activity over a given period. In the context of the current topic, the time window in question is 180 days. Below is the chart shared by the analyst that shows the trend in the 30-day change of the Bitcoin % Supply Active over the last few years. From the graph, it’s visible that the 30-day change in Bitcoin % Supply Active shot up to a sharp positive level late last year as BTC’s bull run played out, indicating that a large amount of supply dormant for more than six months started becoming active again. A similar trend was also witnessed in the rally from Q1 2024. This pattern isn’t anything surprising, as activity on the blockchain tends to go up as a rally captures the attention of the masses. Interestingly, the return above $100,000 earlier in the year couldn’t trigger any such reaction from the sector. And as the price has consolidated above this level since then, the 30-day change has even plummeted deep into the negative zone, suggesting holders have been losing interest. At present, the metric is sitting at a value of -17%, meaning that 17% less of the 180-day supply is active today compared to a month ago. While this suggests a major cooldown of attention around the network, the development may not be so bad if historical precedent is to go by. As Adler Jr has highlighted in the chart, the 30-day % Supply Active saw a similar plummet back in September. What followed this market boredom was sharp bullish momentum for Bitcoin. In the temporary bearish period that came after the May 2021 crash, a similar pattern led into the second half of that year’s bull market. However, the 30-day change didn’t become as negative back then. It now remains to be seen whether anything like in the past would follow for Bitcoin this time as well, or if the cooldown in price and activity is here to stay for a while. BTC Price Bitcoin saw a retrace into the low $105,000 levels yesterday, but it appears the asset’s sideways dance remains rigid as its price is already back at $107,200.

On-chain data shows the Bitcoin short-term holder whales have been taking significantly more profits than the diamond hands in this rally. New Bitcoin Whales Are Participating In Notable Profit-Taking In a new post on X, CryptoQuant author Axel Adler Jr. discussed how profit-taking has recently looked from the two major Bitcoin whale cohorts: the short-term holder and long-term holder whales. The short-term holders (STHs) and long-term holders (LTHs) are two broad divisions of the BTC network done on the basis of holding time, with the cutoff between them being 155 days. Similarly, ‘whales‘ are also a classification of the asset’s investors, but in this case, the criterion is holding balance. More particularly, whales are defined as holders with more than 1,000 BTC. As such, the STH and LTH whales would refer to the big-money members of the STH and LTH groups, respectively. Now, here is the chart shared by the analyst that shows the trend in the total amount of profit realized by these groups during the past few months: As displayed in the above graph, both of the groups have participated in some degree of profit-taking recently. Still, clearly, the new whales who got into the market in the past five months have been the ones making up for the majority of this selling. This trend is different from how it was in January, when the profit realization was more balanced across these cohorts. Historically, the STHs have tended to be reactive to market events, while the LTHs have shown resilience. So, the whales falling to the temptation of profit realization in the recent rally may not be too surprising. That said, so far, the profit-selling in the market hasn’t yet reached the same highs as in January. The whales represent a broad group that can be divided further into the regular-sized whales (1,000 to 10,000 BTC) and ‘mega’ whales (10,000+ BTC). According to data from the on-chain analytics firm Glassnode, the two groups haven’t been showing consistent behavior recently. As is visible in the above chart, the Bitcoin Accumulation Trend Score, an indicator that tells us about whether the investors are accumulating or distributing their coins, has been close to 1 for the whales recently, a sign that these large entities have been displaying strong accumulation. The smaller cohorts have also been displaying a similar behavior, but the mega whales have diverged from the rest as they have taken to distribution instead. BTC Price At the time of writing, Bitcoin is floating around $109,800, up around 6% in the last seven days.