Crypto Markets Today: Bitcoin Holds Steady Above $23K, White House Urges Congress to 'Step Up' Crypto Regulation

The SSR measures the ratio between the supplies of bitcoin and stablecoins. As stablecoins represent buying power, a reduction in the SSR implies that investors are sending stablecoins to exchanges, likely for the purpose of buying bitcoin. Since Jan. 11, the SSR has increased 32%. So while BTC’s price has risen, investors do not appear to be sending stablecoins to exchanges en masse to add to long positions.