In one month, USDT has fallen by nearly $7.9 billion.
On October 10, it was just over $184 billion. Today, it’s $176.2 billion. It’s shrunk by more than $2.3 billion in just the past week. At its peak in May, it was $190.2 billion.
This figure is more honest than the candlestick chart. A few large orders can push prices around, but when stablecoin supply is shrinking, it means people are taking their bullets out of the market and converting them back to dollars, with no plans to come back anytime soon.
So don’t assume the bottom is secure just because BTC is holding around $74,600 without falling much. The water level underneath is dropping, and that has a lot to do with why every rebound seems to run out of steam.
ETFs also saw net outflows of $1.28 billion last week. No money coming in from outside the market, while money inside it is still pulling out.
I’ll feel like this cycle has run its course when USDT starts getting minted again. For now, let’s see what happens after tonight’s CPI report.
#BTC #稳定币 #USDT $BTC $USDT
On October 10, it was just over $184 billion. Today, it’s $176.2 billion. It’s shrunk by more than $2.3 billion in just the past week. At its peak in May, it was $190.2 billion.
This figure is more honest than the candlestick chart. A few large orders can push prices around, but when stablecoin supply is shrinking, it means people are taking their bullets out of the market and converting them back to dollars, with no plans to come back anytime soon.
So don’t assume the bottom is secure just because BTC is holding around $74,600 without falling much. The water level underneath is dropping, and that has a lot to do with why every rebound seems to run out of steam.
ETFs also saw net outflows of $1.28 billion last week. No money coming in from outside the market, while money inside it is still pulling out.
I’ll feel like this cycle has run its course when USDT starts getting minted again. For now, let’s see what happens after tonight’s CPI report.
#BTC #稳定币 #USDT $BTC $USDT