Cash is leaving the crypto market: stablecoin supply shrank by $14.2 billion in 30 days, the fastest decline since June 2022.
In its November 11 report, “Running on Empty,” Glassnode said total stablecoin supply fell by $14.2 billion over 30 days. Tether and Circle redeemed $4.4 billion in just one week.
Spot BTC ETFs are also bleeding: they saw around $1.6 billion in net outflows over 20 trading days, with $1.58 billion of that occurring from November 2 to 10.
BTC is now around $73,900, below the short-term holder cost basis of $75,600. 65% of recent buyers are sitting on unrealized losses.
I think this cycle is different from the October sell-off: that was a leverage wipeout; this time, money is actually flowing out, leaving fewer bullets for dip-buyers.
But not all whales have left: wallets holding 100 to 10,000 BTC are still accumulating, and leverage has largely been cleared out. This looks like a gradual bottoming process, not a panic-driven crash.
Watching, not buying the dip.
Let’s talk about a bottom once BTC gets back above $75,600 and ETFs see inflows for several consecutive days. Below $73,000, the weakness isn’t over.
What do you think will happen first: stablecoins stem the bleeding, or BTC gets back above $75,600?
$BTC $USDT
#比特币 #stablecoins
In its November 11 report, “Running on Empty,” Glassnode said total stablecoin supply fell by $14.2 billion over 30 days. Tether and Circle redeemed $4.4 billion in just one week.
Spot BTC ETFs are also bleeding: they saw around $1.6 billion in net outflows over 20 trading days, with $1.58 billion of that occurring from November 2 to 10.
BTC is now around $73,900, below the short-term holder cost basis of $75,600. 65% of recent buyers are sitting on unrealized losses.
I think this cycle is different from the October sell-off: that was a leverage wipeout; this time, money is actually flowing out, leaving fewer bullets for dip-buyers.
But not all whales have left: wallets holding 100 to 10,000 BTC are still accumulating, and leverage has largely been cleared out. This looks like a gradual bottoming process, not a panic-driven crash.
Watching, not buying the dip.
Let’s talk about a bottom once BTC gets back above $75,600 and ETFs see inflows for several consecutive days. Below $73,000, the weakness isn’t over.
What do you think will happen first: stablecoins stem the bleeding, or BTC gets back above $75,600?
$BTC $USDT
#比特币 #stablecoins
