This is terrifying: stablecoins have shrunk by $14.9 billion in 30 days, the biggest pullback since 2022.
USDT alone is down $8.4 billion, its largest drop since the Luna collapse in 2022.
On-chain data shows that $9.2 billion in USDT was sent back to Tether and redeemed for dollars over the past 30 days—nearly four times the amount in the previous month.
The total stablecoin supply fell from $312.9 billion in May to $289.1 billion, a 7.6% pullback and the deepest since the last bear market.
But looking back at history, a shrinking stablecoin supply doesn’t mean Bitcoin is about to fall further:
In 2022, Bitcoin bottomed out 9 months before stablecoins did. This year, stablecoins have been shrinking since peaking in May, but Bitcoin bottomed on June 30 and then rose 43% over the next 3 months.
Now we’ll see whether stablecoins can return to $312.9 billion within the next two months.
Why did $14.9 billion leave? There’s one key difference between this time and 2022 👇
#Stablecoins #USDT #BTC #AiCoin
USDT alone is down $8.4 billion, its largest drop since the Luna collapse in 2022.
On-chain data shows that $9.2 billion in USDT was sent back to Tether and redeemed for dollars over the past 30 days—nearly four times the amount in the previous month.
The total stablecoin supply fell from $312.9 billion in May to $289.1 billion, a 7.6% pullback and the deepest since the last bear market.
But looking back at history, a shrinking stablecoin supply doesn’t mean Bitcoin is about to fall further:
In 2022, Bitcoin bottomed out 9 months before stablecoins did. This year, stablecoins have been shrinking since peaking in May, but Bitcoin bottomed on June 30 and then rose 43% over the next 3 months.
Now we’ll see whether stablecoins can return to $312.9 billion within the next two months.
Why did $14.9 billion leave? There’s one key difference between this time and 2022 👇
#Stablecoins #USDT #BTC #AiCoin