🔷 The market lost $14.2 billion in stablecoins in a month. Dry powder is running low
Glassnode calculated that over the 30 days through November 9, the stablecoin supply shrank by $14.2 billion. That’s the fastest contraction since June 2022—the month after the Terra crash. Total supply is now just under $280 billion, about the same as in September 2025.
Stablecoins are the market’s fuel. Less fuel means fewer purchases. Against this backdrop, demand for ETFs is weak, while BTC is holding around $73.5K.
One caveat: in June 2022, the drop was nearly $30 billion, so we’re still a long way from those levels. Glassnode says the first sign of money returning would be an increase in stablecoin supply. CryptoQuant thinks a local bottom could form even before USDT starts growing again.
Personally, I’d watch this line rather than the candles.
Which is a stronger bottom signal for you: rising stablecoin supply or a rising price? 👇
#CryptoRay #BTC
Glassnode calculated that over the 30 days through November 9, the stablecoin supply shrank by $14.2 billion. That’s the fastest contraction since June 2022—the month after the Terra crash. Total supply is now just under $280 billion, about the same as in September 2025.
Stablecoins are the market’s fuel. Less fuel means fewer purchases. Against this backdrop, demand for ETFs is weak, while BTC is holding around $73.5K.
One caveat: in June 2022, the drop was nearly $30 billion, so we’re still a long way from those levels. Glassnode says the first sign of money returning would be an increase in stablecoin supply. CryptoQuant thinks a local bottom could form even before USDT starts growing again.
Personally, I’d watch this line rather than the candles.
Which is a stronger bottom signal for you: rising stablecoin supply or a rising price? 👇
#CryptoRay #BTC
