Crypto's cash pile is shrinking at its fastest pace since Terra. Three details from Glassnode's latest report:
1. Stablecoin supply fell $14.2B in the 30 days to Nov. 9, the biggest 30-day drop since June 2022. Total supply sits just below $280B (Glassnode, via Decrypt and The Block).
2. $USDT is leading the drain: its market cap fell $6.6B over 60 days to Nov. 7, more than twice the $3.2B drop after FTX (CryptoQuant, via The Block).
3. The silver lining: Glassnode says most leveraged longs near the current price are flushed, and wallets holding 100 to 10,000 BTC have started accumulating.
My read: shrinking supply means dollars leaving crypto, not waiting on the sidelines. June 2022's contraction was nearly $30B and the bear low came about five months later, so this is a warning, not a verdict. The first real tell is supply growing again. What would you need to see to call a bottom for $BTC?
#Stablecoins #Glassnode #Bitcoin
Not financial advice.
Disclosure: Write to Earn may pay me a commission on cashtag trades.
1. Stablecoin supply fell $14.2B in the 30 days to Nov. 9, the biggest 30-day drop since June 2022. Total supply sits just below $280B (Glassnode, via Decrypt and The Block).
2. $USDT is leading the drain: its market cap fell $6.6B over 60 days to Nov. 7, more than twice the $3.2B drop after FTX (CryptoQuant, via The Block).
3. The silver lining: Glassnode says most leveraged longs near the current price are flushed, and wallets holding 100 to 10,000 BTC have started accumulating.
My read: shrinking supply means dollars leaving crypto, not waiting on the sidelines. June 2022's contraction was nearly $30B and the bear low came about five months later, so this is a warning, not a verdict. The first real tell is supply growing again. What would you need to see to call a bottom for $BTC?
#Stablecoins #Glassnode #Bitcoin
Not financial advice.
Disclosure: Write to Earn may pay me a commission on cashtag trades.