Glassnode: Stablecoin supply shrinks sharply + Bitcoin spot ETF outflows; no signs of new capital entering
November 12 — According to on-chain data analytics platform Glassnode, the total stablecoin supply shrank by $14.28 billion over the past 30 days, its fastest contraction since June 2022, indicating a clear pullback in market liquidity.
Analysts note that stablecoins are an important vehicle for incremental capital in the crypto market. A return to growth in stablecoin supply would be the first leading signal of new capital entering the market. Until then, the continued contraction in supply suggests that appetite for new investment remains weak.
Meanwhile, capital outflow pressures are evident in several areas. First, much of the leverage in the derivatives market has now been flushed out. Second, U.S. spot Bitcoin ETFs recorded cumulative net outflows of about $1.6 billion over the past 20 trading days.
Overall, under the dual pressure of shrinking stablecoin supply and ETF outflows, Bitcoin has fallen below the cost basis of short-term holders, and market momentum appears to be running out of fuel.
In summary, while the unwinding of leverage in the derivatives market may signal a local bottom, the market may struggle to attract incremental capital until stablecoin supply and ETF flows return to growth. These indicators are worth tracking closely.
#稳定币 #ETF净流出
November 12 — According to on-chain data analytics platform Glassnode, the total stablecoin supply shrank by $14.28 billion over the past 30 days, its fastest contraction since June 2022, indicating a clear pullback in market liquidity.
Analysts note that stablecoins are an important vehicle for incremental capital in the crypto market. A return to growth in stablecoin supply would be the first leading signal of new capital entering the market. Until then, the continued contraction in supply suggests that appetite for new investment remains weak.
Meanwhile, capital outflow pressures are evident in several areas. First, much of the leverage in the derivatives market has now been flushed out. Second, U.S. spot Bitcoin ETFs recorded cumulative net outflows of about $1.6 billion over the past 20 trading days.
Overall, under the dual pressure of shrinking stablecoin supply and ETF outflows, Bitcoin has fallen below the cost basis of short-term holders, and market momentum appears to be running out of fuel.
In summary, while the unwinding of leverage in the derivatives market may signal a local bottom, the market may struggle to attract incremental capital until stablecoin supply and ETF flows return to growth. These indicators are worth tracking closely.
#稳定币 #ETF净流出
