Bitcoin price climbed back above $80,000 as stablecoin supply started rising again after the Binance hack. CryptoQuant analyst says the Stablecoin Supply Ratio is nearing a golden cross.
The crypto market is a touch bigger than it was yesterday. Total market cap stood at $2.75 trillion at 12:40 UTC on 5 November 2026, up 1% in 24 hours, according to recent data from CoinGecko.
Bitcoin did most of the lifting. BTC price rose 2.3% to $80,019, back above a level it lost after the Binance hack a week ago. This took its market cap to $1.61 trillion and its market share to 58.5%.
The rest of the crypto market is much quieter. Stablecoins hold $297 billion, or 10.8% of all crypto, and that slice is the one a CryptoQuant analyst wants readers to watch. In an analysis published on 5 November, it says stablecoin supply is growing again after shrinking post-hack, and that Bitcoin is about to flip back to a bullish trend because of it.
Stablecoins are the market's dry powder. When their supply grows, there is more cash on exchanges that can be spent on Bitcoin. When it shrinks, buying power drains.
"Following the Binance hack, the supply of stablecoins decreased, leading to a brief shift toward a bearish trend," CW8900 wrote. The 29 October breach saw Tether and Circle freeze about $2.8 billion in stolen stablecoins within an hour, and outflows followed as traders pulled funds from exchanges. "However, the stablecoin supply is now increasing again, and $BTC is also showing a rebound signal."
The metric behind the call is the Stablecoin Supply Ratio, or SSR. It helps track how much buying power stablecoins hold relative to Bitcoin by dividing Bitcoin's market cap by the total stablecoin market cap. A low or falling SSR means plenty of cash to push price up.
CryptoQuant's chart pairs the SSR with its short and long moving averages, and the analyst's point is that the short average is about to cross back above the long one. "The Stablecoin Supply Ratio (SSR) indicator is once again approaching a golden cross," the post said.
The conclusion is clear: "The very short bearish trend is coming to an end, and $BTC is on the verge of shifting back into a bullish trend." That is one analyst's reading, and a golden cross that is approaching is not one that has printed, yet anyway.
The price chart is moving with the thesis for now. Bitcoin price traded at $77,000 to $78,000 for most of the week after the hack, held the $77,140 level that marks the average cost of recent buyers, and bounced on Wednesday as US markets rallied following the midterm results. CoinGecko flagged the move as a short squeeze above $80,000, with perpetual futures open interest at $68.6 billion.
On the weekly chart, BTC price action is mostly flat. Over the last 30 days it is still down 6.8%. One good day has undone the hack, not the October stagnation.
Prediction markets lean toward more upside. Polymarket traders gave Bitcoin a 74.5% chance of touching $82,500 in November and 53.5% for $85,000, according to odds displayed by CoinGecko on 5 November. On the downside, they put 72.5% on a return to $77,500 and 46.5% on $75,000. In fact, both sides are priced as likely, which is what a market near a pivot looks like.
In the bullish scenario, stablecoin supply keeps climbing, the SSR golden cross prints, and Bitcoin holds $80,000 through Friday's US jobs report and next week's CPI print. That opens $82,500, and the $85,000 zone where October's rally stalled becomes the test.
That said, in a bearish scenario, a hot CPI or a fresh batch of exchange outflows pushes BTC back below $80,000, and the $77,140 cost basis gets retested with less patience than last time. A clean break there puts $75,000 in play, and the golden cross the analyst is waiting for gets pushed out again.
The stablecoin printers have given bulls something to work with. Whether it lasts depends on the supply still growing once the hack-related freezes wash through.
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