Bitcoin’s price spike supported by ETF demand as stablecoin buying power remains low

Stablecoin metrics in April revealed a market supported by existing demand rather than new inflows.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

In April 2025, Bitcoin's market presented a puzzling dynamic: its price danced between $91,000 and $95,000 despite the absence of robust stablecoin support. The exchange stablecoins ratio (ESR) plummeted, signaling a scarcity of capital prepared to fuel Bitcoin's ascent. Meanwhile, the stablecoin supply ratio (SSR) surged, revealing waning stablecoin purchasing power. However, Bitcoin's vigor endured, defying the typical demand cues. So, what unexpected forces were stealthily buttressing Bitcoin’s resilience during this period of market tension? Discover the underlying shifts driving this anomaly...