Glassnode’s November 11 report showed that the total stablecoin supply fell by $14.2 billion over the past 30 days, its largest contraction since June 2022. Over the same period, U.S. spot Bitcoin ETFs saw net outflows of $1.6 billion across 20 trading days. The 30-day average Coinbase Premium remained negative, with the discount at its deepest since February this year.
$BTC has fallen below the short-term holder cost basis of $75,600, and only about 35% of short-term holdings remain in profit. But the largest liquidation cluster is between $59,500 and $62,600. Since the November 5 selloff, buy orders have consistently outnumbered sell orders within 5% of the Binance and Coinbase order books.
What’s leaving is money from the fiat on-ramps, not leverage. For a rebound, the first thing to watch is whether stablecoin supply stops shrinking—not whether the price climbs back above $75,600. A sustained break below $73,000 would prolong the consolidation.
#稳定币 #比特币ETF #Fund Flows
$BTC has fallen below the short-term holder cost basis of $75,600, and only about 35% of short-term holdings remain in profit. But the largest liquidation cluster is between $59,500 and $62,600. Since the November 5 selloff, buy orders have consistently outnumbered sell orders within 5% of the Binance and Coinbase order books.
What’s leaving is money from the fiat on-ramps, not leverage. For a rebound, the first thing to watch is whether stablecoin supply stops shrinking—not whether the price climbs back above $75,600. A sustained break below $73,000 would prolong the consolidation.
#稳定币 #比特币ETF #Fund Flows