If you're holding USDT as cash, take note: USDT itself is shrinking, and faster than it did when FTX collapsed.
A November 10 report from CryptoQuant said that in the 60 days through November 7, USDT's market cap fell by $6.6 billion. Over an equally long period after FTX collapsed in December 2022, it fell by only $3.2 billion. The broader figures in Glassnode's November 11 weekly report were even larger: in the 30 days through November 9, the total stablecoin supply fell by $14.2 billion—the fastest decline since June 2022. The report also noted that USDT was trading slightly below $1.
When USDT is redeemed for dollars, money is leaving the market. A price slightly below $1 means more people want to exchange USDT for dollars and exit than want to exchange dollars for USDT and enter.
Personally, I’m more inclined to treat this as a signal about liquidity. I haven’t seen any problems with redemptions themselves. I won’t chase a rebound in this kind of market. I’ll hold on to the USDT I have and wait for the 30-day supply change to turn positive again before adding to my position.
#稳定币供应30天减少142亿美元 $BTC $USDT
A November 10 report from CryptoQuant said that in the 60 days through November 7, USDT's market cap fell by $6.6 billion. Over an equally long period after FTX collapsed in December 2022, it fell by only $3.2 billion. The broader figures in Glassnode's November 11 weekly report were even larger: in the 30 days through November 9, the total stablecoin supply fell by $14.2 billion—the fastest decline since June 2022. The report also noted that USDT was trading slightly below $1.
When USDT is redeemed for dollars, money is leaving the market. A price slightly below $1 means more people want to exchange USDT for dollars and exit than want to exchange dollars for USDT and enter.
Personally, I’m more inclined to treat this as a signal about liquidity. I haven’t seen any problems with redemptions themselves. I won’t chase a rebound in this kind of market. I’ll hold on to the USDT I have and wait for the 30-day supply change to turn positive again before adding to my position.
#稳定币供应30天减少142亿美元 $BTC $USDT