Glassnode reported that stablecoin supply contracted by $14.2 billion during the 30 days through Nov. 9, the sharpest decline since June 2022. Total stablecoin supply stands slightly below $280 billion. Glassnode also recorded about $1.6 billion in net redemptions from U.S. spot Bitcoin ETFs over 20 trading sessions. Bitcoin fell below the approximately $75,600 average cost basis for short-term holders, putting most recent buyers at a loss. However, Glassnode said most nearby leveraged long positions had been eliminated and wallets holding between 100 and 10,000 BTC had begun accumulating.