Stablecoin supply shrank by $14.2 billion in 30 days — the fastest decline since the 2022 bear market.
Key figures:
• Glassnode, Nov. 11 report: The supply of major stablecoins fell by $14.2 billion over the 30 days through Nov. 9 — the steepest 30-day decline since June 2022.
• DefiLlama, viewed Nov. 12: The 30-day decline reached around $14.9 billion, with total supply at $289.37 billion. USDT fell by $8.31 billion (−4.5%), and USDC fell by $3.20 billion (−4.4%).
• Comparison: In June 2022, the 30-day decline came close to $30 billion.
My take: this is about dwindling buying power, not today’s price. Stablecoins are cash on the sidelines used to buy coins — when supply shrinks this quickly, the market loses ammunition for a rebound. But there’s an important caveat: supply figures don’t distinguish cash redemptions from other burns, and June 2022 shows the decline could be twice as deep as it is now. BTC is currently around 67,155, still below its 200-week moving average.
What I’m watching next: whether supply starts growing again, and whether ETF outflows also stop.
What do you think — is this contraction a sign that institutions are pulling out cash, or just a pause before they re-enter?
This is my analysis, not financial advice — always DYOR.
#Stablecoin #DataDrop $BTC $USDT $USDC
Key figures:
• Glassnode, Nov. 11 report: The supply of major stablecoins fell by $14.2 billion over the 30 days through Nov. 9 — the steepest 30-day decline since June 2022.
• DefiLlama, viewed Nov. 12: The 30-day decline reached around $14.9 billion, with total supply at $289.37 billion. USDT fell by $8.31 billion (−4.5%), and USDC fell by $3.20 billion (−4.4%).
• Comparison: In June 2022, the 30-day decline came close to $30 billion.
My take: this is about dwindling buying power, not today’s price. Stablecoins are cash on the sidelines used to buy coins — when supply shrinks this quickly, the market loses ammunition for a rebound. But there’s an important caveat: supply figures don’t distinguish cash redemptions from other burns, and June 2022 shows the decline could be twice as deep as it is now. BTC is currently around 67,155, still below its 200-week moving average.
What I’m watching next: whether supply starts growing again, and whether ETF outflows also stop.
What do you think — is this contraction a sign that institutions are pulling out cash, or just a pause before they re-enter?
This is my analysis, not financial advice — always DYOR.
#Stablecoin #DataDrop $BTC $USDT $USDC