According to a market report published by Glassnode on November 11, the total stablecoin supply fell by $14.2 billion over the past 30 days, marking its largest decline since June 2022. Over the same period, U.S. spot Bitcoin ETFs saw cumulative net outflows of $1.6 billion over the past 20 trading days, while the 30-day average Coinbase Bitcoin premium remained negative, with the discount reaching its widest level since February this year. Glassnode noted that shrinking stablecoin supply, ETF outflows, and weak U.S. market demand indicate that the crypto market is facing liquidity pressures.