Bitcoin has broken below the $105,000 level, deepening market fears as selling pressure accelerates across the crypto landscape. The sharp move lower comes at a time when confidence is wavering, volatility is rising, and traders are bracing for possible further downside. Yet beneath the surface, a key on-chain indicator suggests that a critical liquidity shift may be approaching — one that has historically preceded major rebounds.

According to data from CryptoQuant, the Stablecoin Supply Ratio (SSR) has now fallen back into the same low zone seen just before Bitcoin’s earlier recovery this year, hovering around the 13–14 range. This indicator measures the ratio between Bitcoin’s market capitalization and the total market cap of stablecoins, offering insight into the amount of “dry powder”

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