Bros!!! The stablecoin ammo pool is draining at its fastest pace in more than four years!!!
Glassnode flagged this in its on-chain weekly report yesterday (November 11): over the past 30 days, the supply of major stablecoins fell by about $14.2 billion—that's the biggest contraction since June 2022. The Block also reported that USDT and USDC alone shed nearly $11 billion over the past month.
Put simply, this isn't coins just changing hands within crypto—people are redeeming stablecoins for dollars and taking their money out of the market!!! Glassnode put it plainly: a declining supply means less ammo, leaving the rebound with less fuel~
CryptoQuant piled on Tuesday: USDT's market cap fell by about $6.6 billion in the 60 days through November 7—just over twice as much as the roughly $3.2 billion drop after the FTX collapse haha.
Seriously, don't just see Bitcoin hovering around $73,000 and U.S. stocks rallying during the day and conclude, “A rebound is coming”!!! Stablecoins are still being redeemed, so there's less ammo for real buying pressure~ Glassnode also said that a return to positive supply growth is the first sign of new money coming in.
I just checked CoinGecko: Bitcoin is around $73,700 (almost flat over 24h), ETH around $2,052, BNB around $678, and SOL around $83. The total market cap is about $2.47 trillion, down around 2.7% over 24h. The Fear & Greed Index is at 28, still in fear territory~
U.S. markets open tonight at 22:30 Shanghai time, so you can watch sentiment first; until this ammo pool refills, don't chase every spike too aggressively!!!
Do you think this is people flushing out leverage at the bottom, or is buying pressure too weak and we're in for more of a grind?
$BTC $ETH
#稳定币 #crypto
Glassnode flagged this in its on-chain weekly report yesterday (November 11): over the past 30 days, the supply of major stablecoins fell by about $14.2 billion—that's the biggest contraction since June 2022. The Block also reported that USDT and USDC alone shed nearly $11 billion over the past month.
Put simply, this isn't coins just changing hands within crypto—people are redeeming stablecoins for dollars and taking their money out of the market!!! Glassnode put it plainly: a declining supply means less ammo, leaving the rebound with less fuel~
CryptoQuant piled on Tuesday: USDT's market cap fell by about $6.6 billion in the 60 days through November 7—just over twice as much as the roughly $3.2 billion drop after the FTX collapse haha.
Seriously, don't just see Bitcoin hovering around $73,000 and U.S. stocks rallying during the day and conclude, “A rebound is coming”!!! Stablecoins are still being redeemed, so there's less ammo for real buying pressure~ Glassnode also said that a return to positive supply growth is the first sign of new money coming in.
I just checked CoinGecko: Bitcoin is around $73,700 (almost flat over 24h), ETH around $2,052, BNB around $678, and SOL around $83. The total market cap is about $2.47 trillion, down around 2.7% over 24h. The Fear & Greed Index is at 28, still in fear territory~
U.S. markets open tonight at 22:30 Shanghai time, so you can watch sentiment first; until this ammo pool refills, don't chase every spike too aggressively!!!
Do you think this is people flushing out leverage at the bottom, or is buying pressure too weak and we're in for more of a grind?
$BTC $ETH
#稳定币 #crypto