Blockchain analytics firm Glassnode is offering three on-chain indicators that suggest the Bitcoin (BTC) bear market is in the rearview mirror.
Glassnode first looks at the stablecoin supply ratio (SSR), which tracks the rotation of capital between Bitcoin and stablecoins.
A spiking SSR suggests that investors are taking the plunge as they use stablecoins to purchase BTC.
According to Glassnode, the metric shows that capital is rotating into Bitcoin from stablecoins, reminiscent of the final chapter of the 2018/2019 bear market.
“Currently, we note a significant transfer of capital to the Bitcoin asset, akin to the twilight of the 2018 bear market and the 2021 rounded top.”
Glassnode also points out Bitcoin’s realized profits-to-value ratio (RPV) indicator, which compares profit-taking in the market against