Crypto cash shrank by $14.2 billion in a month — the fastest rate since June 2022.
Key figures:
• Stablecoin supply fell by $14.2 billion in 30 days (Glassnode, “Running on Empty” report, Nov 11, 2026) — its fastest contraction since June 2022, when the market deleveraged after Terra.
• Total supply is now below $280 billion, a level last seen in September 2025 (The Block/DefiLlama, Nov 11).
• USDT and USDC accounted for nearly $11 billion of the decline; USDT makes up 62.8% and USDC 25.1% of total supply.
• For comparison: USDT’s market cap fell by $6.6 billion in the 60 days through Nov 7 (CryptoQuant) — a deeper decline than the $3.2 billion drop after the FTX collapse in December 2022.
What it means to me: stablecoins are the market’s cash — money traders hold before buying. This decline means holders are redeeming stablecoins for dollars and taking their money out, rather than simply switching coins. That helps explain why BTC, at around $74,600, is still below the $75,600 cost basis of recent buyers, with only about 35% of their coins in profit. But one dataset is never enough to draw a conclusion: Glassnode itself says a return to supply growth would be the first sign of new money coming in — this decline does not predict a bottom.
What I’m watching next: whether supply stops shrinking this week, whether ETF flows reverse, and whether BTC reclaims $75,600.
Do you think this contraction is a sign the market is cleansing itself, or has the fuel for a rally simply not returned yet?
This is my analysis, not financial advice — always DYOR.
#Stablecoin #Likuiditas $BTC $USDT
Key figures:
• Stablecoin supply fell by $14.2 billion in 30 days (Glassnode, “Running on Empty” report, Nov 11, 2026) — its fastest contraction since June 2022, when the market deleveraged after Terra.
• Total supply is now below $280 billion, a level last seen in September 2025 (The Block/DefiLlama, Nov 11).
• USDT and USDC accounted for nearly $11 billion of the decline; USDT makes up 62.8% and USDC 25.1% of total supply.
• For comparison: USDT’s market cap fell by $6.6 billion in the 60 days through Nov 7 (CryptoQuant) — a deeper decline than the $3.2 billion drop after the FTX collapse in December 2022.
What it means to me: stablecoins are the market’s cash — money traders hold before buying. This decline means holders are redeeming stablecoins for dollars and taking their money out, rather than simply switching coins. That helps explain why BTC, at around $74,600, is still below the $75,600 cost basis of recent buyers, with only about 35% of their coins in profit. But one dataset is never enough to draw a conclusion: Glassnode itself says a return to supply growth would be the first sign of new money coming in — this decline does not predict a bottom.
What I’m watching next: whether supply stops shrinking this week, whether ETF flows reverse, and whether BTC reclaims $75,600.
Do you think this contraction is a sign the market is cleansing itself, or has the fuel for a rally simply not returned yet?
This is my analysis, not financial advice — always DYOR.
#Stablecoin #Likuiditas $BTC $USDT