A widely shared post today pointed to a large stablecoin market-cap drop during this latest $BTC decline. I ran the numbers on DefiLlama to see where we stand.
Total USD-pegged stablecoin supply is 287.0B dollars today. That's down from 289.1B dollars on Nov 12, and down 18.7B dollars, or 6.1%, from the Oct 7 peak of 305.7B dollars.
$USDT is down 8.6B dollars over 30 days. $USDC is down 3.6B dollars. Some posts have put the latest wipe at nearly 9B dollars, which is closer to the drop since early November on this same series (about 9.4B dollars from Nov 1). The bigger figure is the move from the October peak. Different start dates, and possibly different sources, explain the gap.
$BTC is around 67,300 USDT on Binance after a 66,456 low today, the weakest print since Aug 19. US spot Bitcoin ETFs have now had 7 straight outflow sessions, about 1.91B dollars since Nov 5, per Farside. The Fear and Greed index is at 13, extreme fear.
Stablecoins are the dry powder. When supply keeps shrinking, there is less cash sitting around to buy dips. I'd need to see supply go flat or rise for a week, and a green ETF day, before I'd treat this as stabilizing.
NFA, not financial advice.
#Bitcoin #Stablecoins #USDT #USDC #CryptoMarket
Total USD-pegged stablecoin supply is 287.0B dollars today. That's down from 289.1B dollars on Nov 12, and down 18.7B dollars, or 6.1%, from the Oct 7 peak of 305.7B dollars.
$USDT is down 8.6B dollars over 30 days. $USDC is down 3.6B dollars. Some posts have put the latest wipe at nearly 9B dollars, which is closer to the drop since early November on this same series (about 9.4B dollars from Nov 1). The bigger figure is the move from the October peak. Different start dates, and possibly different sources, explain the gap.
$BTC is around 67,300 USDT on Binance after a 66,456 low today, the weakest print since Aug 19. US spot Bitcoin ETFs have now had 7 straight outflow sessions, about 1.91B dollars since Nov 5, per Farside. The Fear and Greed index is at 13, extreme fear.
Stablecoins are the dry powder. When supply keeps shrinking, there is less cash sitting around to buy dips. I'd need to see supply go flat or rise for a week, and a green ETF day, before I'd treat this as stabilizing.
NFA, not financial advice.
#Bitcoin #Stablecoins #USDT #USDC #CryptoMarket
