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Total stablecoin supply fell by $14.2 billion over the 30 days through Nov. 9, marking the fastest contraction since June 2022, according to a report published Wednesday by onchain analytics firm Glassnode, as cited by Decrypt.
Earlier reporting: 14 Public Companies Sold $8.08B in Bitcoin During 2026.
Earlier reporting: Two Solo Miners Earn $230,000 Each in Bitcoin Blocks.
As of 02:30 UTC, Bitcoin traded at $73,811, +0.7% over 24 hours, with $26.4 billion in 24-hour volume.
The total stablecoin supply now sits just below $280 billion. Glassnode described the current market condition as Bitcoin “running on empty,” suggesting that the reduction in stablecoin liquidity is a primary factor limiting upward price momentum. Stablecoins, which are typically pegged to the U.S. dollar, function as the cash equivalent in the crypto ecosystem. Traders use them to park funds on exchanges and onchain before purchasing other digital assets. A shrinkage in this supply indicates that holders are redeeming tokens for dollars and withdrawing capital from the crypto market entirely. Glassnode stated that this dynamic leaves “less fuel for a rally,” noting that a return to supply growth would be the first indicator of fresh capital entering the market.
ETF Redemptions and Price Pressure
The decline in stablecoin supply coincides with significant outflows from U.S. spot Bitcoin ETFs. The report found that these funds saw approximately $1.6 billion in net redemptions over 20 trading sessions. Additionally, Bitcoin has traded at a discount on Coinbase, a metric often used to gauge U.S. demand for the asset.
Bitcoin also slipped below the average cost basis of short-term holders, which stands at about $75,600. This price action leaves most recent buyers with unrealized losses. On Wednesday, Bitcoin traded near $73,000. According to a separate report from CryptoQuant, over $3.6 billion in Bitcoin was recently moved to exchanges, potentially to be sold at a loss.
Accumulation and Regulatory Context
Despite the outflows, Glassnode identified several factors that may provide support. The recent price slide flushed out most leveraged long positions near the current price. In the order book, buy orders currently outweigh sell orders. Furthermore, wallets holding between 100 and 10,000 BTC have begun accumulating the asset. Glassnode flagged $73,000 as a key support level and stated that the broader trend change that began in August remains intact as long as Bitcoin holds above its June low.
This contraction in stablecoin supply occurs as traditional financial institutions increase their presence in the sector. Global banks including Goldman Sachs, Citi, and Deutsche Bank are backing a $270 million challenge to crypto’s dominant stablecoin issuers. Additionally, the Federal Reserve recently unveiled stablecoin rules regarding reserves and capital.
Source: Decrypt
