What bitcoin is worth divided by the dollars sitting in the stablecoins a public aggregator tracks. Low = a lot of cash parked next to the market. Bold line = 30-day average.
×5.36 against the dollar stablecoins a public aggregator tracks on Oct-22 2026, the last day in this build, measured and published by askthetape.com.
A dollar stablecoin is a dollar already inside crypto, waiting. SSR asks how much bitcoin one of those dollars has to buy: bitcoin's market value divided by the stablecoin market's. At ×5.36 on 2026-10-22, bitcoin is worth about 5.4 times the dollar stablecoins a public aggregator tracks — $1.628T against $304B. Low means a lot of cash is parked next to the market, high means there is little; the last close sits at the 33th percentile of everything drawn here, so there is more cash beside the market than in two thirds of the last seven years. The lowest reading on the page is ×2.06 on 2022-11-09, the November-2022 bottom, when cash was piled highest against the cheapest market. The highest is ×136 on 2019-06-26 — and that one is arithmetic, not history: the aggregator's dollar set was barely past a billion dollars then. The page starts on 2019-04-27 for exactly that reason, the day the stablecoin market first crossed $1B; the series itself goes back to 2017-11-29 and you can read it in the table. 🩸 THE TOP OF THE FRACTION IS OURS. Bitcoin's market value is rebuilt every day from our own ledger of unspent coins times the price — the same ledger that carries MVRV, NUPL and SOPR here. The bottom is the aggregator's whole dollar set, not a shortlist: the nine stablecoins of a fixed list were 96.5 % of the real market at the start of 2021 and 70.8 % on 2026-10-22. The third view draws all three rulers at once so you can see how far apart «the stablecoin market» can be defined. No forecast is drawn here.
| leg | numerator: our own UTXO ledger — live supply × price (the same series that feeds MVRV and NUPL), 2009-01-03 →. Denominator: a public stablecoin aggregator's API, field totalCirculatingUSD.peggedUSD, pulled 2026-09-12 17:19Z, 2017-11-29 →. Second denominator: the nine stablecoins of a fixed list (USDT on Ethereum, USDT on Tron, USDC, DAI, TUSD, BUSD, USDP, GUSD, sUSD), rebuilt token by token from the same API; third: those nine with the Tron leg removed. |
|---|---|
| cadence | daily, one row per UTC day; no interpolation — a day a token did not yet exist is simply not summed, and the file says how many of the nine existed (8 on 2026-10-22) |
| since | 2019-04-27 on the page — the first day the aggregator's dollar set was worth $1B, computed from the file rather than chosen. The series itself starts 2017-11-29 and runs 3,250 days with 0 gaps; before that date the ratio runs into the hundreds and measures the definition, not the market. Even so the first months of the page sit near ×136, and that is the same arithmetic in a smaller dose. |
| 🩸 where it is thinner | three holes, none of them hidden. (1) The denominator is somebody else's aggregation: the aggregator's method is public but it is their count, not our chain read, and they restate recent days — the updater re-asks the last ten days, so a revision older than that would pass unnoticed. (2) The aggregator serves history in TODAY's vintage: 237 of the 425 stablecoins they track were catalogued late and make up about 10 % of supply now, and their past is filled in backwards — so the 2021 end of this line is a reconstruction, not what anyone could have computed in 2021, and no old vintage exists on this box to size that bias (measured 2026-09-12 18:31Z). (3) Non-dollar stablecoins (about $1.6B of $304B, 0.5 %) are left out on purpose — SSR here means dollar dry powder — and sUSD's series there stops 2026-06-23, so the nine-token line carries eight after that, worth 0.035 % of it. |
| 🩸 the share that goes over 100 % | on the fourth view the nine-token share prints above 100 % on 13 days, 2020-03-21 → 2020-04-02, peaking at 113.7 % on 2020-04-02 — every one of them in the March-2020 dislocation. It is not a reading error and it is not clipped: the two sides are not the same arithmetic. The numerator is a token-by-token sum of nine separate supply series; the denominator is the aggregator's own market-wide aggregate priced at market, so when a dollar token is not trading at a dollar the two drift apart. The Ethereum-legs line never crosses 100 % (0 days). Left in, named here. |
| 🩸 what a low reading is not | a signal. This page scores no episodes and draws no forecast: a ratio of two market values can fall because stablecoins were printed or because bitcoin fell, and the picture does not say which. The 2022 low at ×2.06 (2022-11-09) was both at once. Nor is this ruler nine independent years of evidence — the level is a slow stock against a fast price. |
| policy | no backfill · no export · read it here · the numerator is our own ledger, the denominator is a public aggregator's series: the ratio stays on the site |
| this build | data to Oct-22 2026 |
| policy | no backfill · no export · read it here · the numerator is our own ledger, the denominator is a public aggregator's series: the ratio stays on the site |
The chart itself is drawn in the browser: turn JavaScript on to hover a day, pick a window and draw your line. The numbers above come from the last build, Oct-23 2026 21:24Z.
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