Glassnode found that major stablecoins lost $14.2 billion in supply over the past 30 days, the largest contraction since the 2022 crypto bear market. Total stablecoin supply stands slightly below $280 billion, the lowest level since September 2025. Glassnode said redemptions withdraw cash from the market and reduce the money available to support a rally. Gold-backed tokens remained comparatively stable, with a combined market capitalization of $5.61 billion. However, CryptoQuant said bitcoin could establish a local bottom before USDT supply returns to growth.