Glassnode’s November 11 weekly report, “Running on Empty,” shows that the supply of major stablecoins fell by about $14.2 billion in the 30 days through November 9, the largest 30-day contraction since June 2022. USDT and USDC accounted for nearly $11 billion of the decline. CryptoQuant data shows that USDT’s market capitalization shrank by $6.6 billion in the 60 days through November 7, exceeding the $3.2 billion drop following the FTX collapse. Total stablecoin supply has fallen below about $280 billion, its lowest level since September 2025. Over the same period, U.S. spot Bitcoin ETFs recorded net outflows of about $1.6 billion over 20 trading days. Glassnode noted that renewed growth in stablecoin supply would signal the entry of new capital. (Source: Glassnode/The Block/Decrypt, November 11) $BTC $ETH $USDT