Stablecoin supply just shrank 14.2 billion dollars in 30 days, the fastest drain since June 2022. 📉
Glassnode data reported by The Bit Journal shows stablecoin supply contracted by 14.2 billion dollars over 30 days, its fastest contraction since June 2022, while US spot Bitcoin ETFs recorded 1.6 billion dollars in net outflows across 20 trading sessions. 📊 CoinGecko data checked at 23:00 PKT puts Bitcoin near 68,946 dollars, down 4.10 percent in 24 hours, with total market cap at 2.34 trillion dollars, down 5.47 percent in a day. My reading is that stablecoins are the fuel for crypto buying, and when the fuel tank shrinks this fast, every rally runs out of buyers sooner, because fresh money is leaving the system instead of waiting on the sidelines.
Does the stablecoin drain stop here, or does it keep starving the next bounce? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #Stablecoin
Glassnode data reported by The Bit Journal shows stablecoin supply contracted by 14.2 billion dollars over 30 days, its fastest contraction since June 2022, while US spot Bitcoin ETFs recorded 1.6 billion dollars in net outflows across 20 trading sessions. 📊 CoinGecko data checked at 23:00 PKT puts Bitcoin near 68,946 dollars, down 4.10 percent in 24 hours, with total market cap at 2.34 trillion dollars, down 5.47 percent in a day. My reading is that stablecoins are the fuel for crypto buying, and when the fuel tank shrinks this fast, every rally runs out of buyers sooner, because fresh money is leaving the system instead of waiting on the sidelines.
Does the stablecoin drain stop here, or does it keep starving the next bounce? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #Stablecoin
