• Stablecoin supply fell $14.2 billion over 30 days through Nov. 9, the fastest drop since June 2022.

• Total stablecoin supply now sits just below $280 billion.

• US spot Bitcoin ETFs recorded about $1.6 billion in net redemptions across 20 trading sessions.

Less Fuel for a Rally

The dollar base that funds crypto trading is shrinking at its fastest pace in more than four years. Total stablecoin supply fell $14.2 billion over a 30-day window that closed on Nov. 9, the sharpest contraction since June 2022, according to the latest Week Onchain report published Wednesday by onchain analytics firm Glassnode. The aggregate circulating supply of dollar-pegged tokens now sits just below $280 billion. Stablecoins, tokens pegged to the U.S. dollar that include yield-bearing stablecoin products, work as the market's cash: traders park dollars in them on exchanges and onchain ahead of purchases, so the float doubles as dry powder for the whole market rather than for one asset, from the largest coin down through the altcoin trading complex. When the pool shrinks, holders are redeeming tokens for fiat and pulling that money out of crypto entirely, which the report reads as leaving less fuel for a rally. A return to supply growth, Glassnode argues, would be the first sign that fresh capital is arriving again. Redemptions differ from plain selling: a token redeemed for dollars disappears from the float, while a coin sold to another trader simply changes hands. The cost is already visible on the chart. The Bitcoin (BTC) price slipped under the average cost basis of short-term holders near $75,600, the entry level of coins bought in recent months and a line watched because that cohort tends to sell once its holdings turn to losses. The asset traded close to $73,000 earlier on Wednesday, leaving most recent buyers underwater. Live monitoring at the time of writing puts the price back near $74,400, up 0.8% over 24 hours but still below that line.

Update (11 Nov 22:16 UTC): The last time the 30-day contraction approached this scale, the market fared far worse: in June 2022 the supply shrank by nearly $30 billion over 30 days, and by that November Bitcoin had briefly dropped to about $15,500.

The last time the 30-day contraction approached this scale, the market fared far worse: in June 2022 the supply shrank by nearly $30 billion over 30 days, and by that November Bitcoin had briefly dropped to about $15,500. A separate CryptoQuant tally cited in the new reporting puts Tether's USDT market cap down $6.6 billion over the 60 days to Nov. 7, a dollar-denominated drop more than double the $3.2 billion recorded in December 2022, after the collapse of the FTX exchange. That earlier episode is the bear-market comparison now shadowing the current outflows, with the total supply sitting at its lowest level since September 2025.

ETF Redemptions and Exchange Inflows

Money is leaving through more than one door, and the report measures each route over its own stretch. U.S. spot Bitcoin ETF products booked about $1.6 billion in net redemptions across 20 trading sessions, a window narrower than the 30-day stablecoin figure, so the two totals cannot be stacked. Bitcoin has also been changing hands at a discount on Coinbase, which the report treats as a read on U.S. demand. On top of that, a separate on-chain report published Wednesday counted more than $3.6 billion in Bitcoin moved to exchanges, potentially for sale at a loss. The contraction lands as stablecoins face mounting competition from traditional finance. Goldman Sachs, Citi and Deutsche Bank are among the global banks behind a $270 million challenge aimed at the dominant crypto issuers, and the Federal Reserve has moved to set rules on reserves and capital for stablecoin operations. If banks capture dollar flows that once sat in tokens, the cash layer of the Bitcoin market gains a rival it did not have in past cycles. The report does list offsets. Most leveraged longs built through contract trading near the current price have been flushed out, bids outweigh asks across the visible order book, and wallets in the 100 to 10,000 BTC range have begun accumulating, after a stretch in which the treasury buy-sell ratio fell below 90% for the fourth time on record. The firm flags $73,000 as key support and holds that the wider trend shift in place since August stays intact as long as the market holds above its June low. None of those offsets restores spent dollars; they describe a market that has already paid down its risk.

The market now sits between two heavily scored levels. Spot traded at $74,470 at the time of writing, up 0.73% over 24 hours, with the strongest overhead resistance at $75,232 marked 93/100 on the composite scoring, built from the 0.500 Fibonacci, a sweep level and the 0/8 Murrey line. Below, support at $73,116 also scores 93/100, where the lower Bollinger Band, the 200-day moving average and the first swing support meet, with a deeper floor at $71,732 scored 94/100. Positioning looks skewed but calm: the perpetual funding rate sits at 0.0041% and the long/short account ratio at 2.82, with 73.9% of accounts long, while sentiment reads 29/100 on the Fear & Greed Index, deep in Fear territory, and momentum indicators lean bearish with RSI at 37.75 in a downtrend. The full support and resistance levels update live. What would change the picture is either a sustained push through $75,232, which would put the $76,437 resistance scored 74/100 in reach, or a reclaim of $73,116 holding as support on any pullback (as of 22:15 UTC).