From Decrypt · By Decrypt Staff
In brief
Total stablecoin supply fell by $14.2 billion over 30 days through Nov. 9, its fastest drop since June 2022, according to Glassnode.
U.S. spot Bitcoin ETFs saw about $1.6 billion in net redemptions, and Bitcoin slipped below the short-term holder cost basis of about $75,600.
Glassnode noted that leverage has been flushed and large wallets have begun accumulating, while banks increasingly compete with stablecoins.
The pool of dollars that fuels crypto trading is draining.
Total stablecoin supply fell by $14.2 billion over the 30 days through Nov. 9, the fastest contraction since June 2022, according to a report published Wednesday by onchain analytics firm Glassnode.
The total stablecoin supply now sits just below $280 billion.
PredictCryptoBTC Lows in November
55,0002%YesNo57,5004%YesNo60,0006%YesNo62,50010%YesNo65,00016%YesNo+5 more outcomes+4 more outcomesNEW$225.08 volumeCloses: Dec 1, 2026, 04:59 UTCCloses: Dec 1, 2026, 04:59 UTCStablecoins, tokens typically pegged to the U.S. dollar, serve as crypto’s cash. Traders park money in them on exchanges and onchain before buying other assets.
When the stablecoin supply shrinks, it means holders are redeeming tokens for dollars and pulling that money out of crypto entirely, which Glassnode said leaves “less fuel for a rally.” The firm said a return to supply growth would be the first sign that fresh money is coming in.
The stablecoin drain isn’t the only sign of money leaving. U.S. spot Bitcoin ETFs saw about $1.6 billion in net redemptions over 20 trading sessions, the report found, and Bitcoin has traded at a discount on Coinbase, a gauge of U.S. demand.
BitcoinBTC · USD$74,377−7.86%Nov 4Nov 6Nov 8Nov 10Nov 11$80.7k$78.1k$75.5k$72.9k24h HighHigh$74,67024h LowLow$73,202VolVol$1.2BMarket projectionsOdds by MyriadToday$74,000 to $76,000$74k–$76k51% chanceThis weekAbove $74,000Above $74k57% chance→Buy Bitcoin with USDCPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →Bitcoin also slipped below the average cost basis of short-term holders, about $75,600, leaving most recent buyers underwater, and traded near $73,000 on Wednesday. Over $3.6 billion in Bitcoin was recently moved over to exchanges, potentially to be sold, at a loss, according to a separate report from CryptoQuant today.
Glassnode did point to some silver linings. The slide has flushed out most leveraged long positions near the current price, buy orders outweigh sell orders in the order book, and wallets holding between 100 and 10,000 BTC have started accumulating.
The firm flagged $73,000 as key support and said the broader trend change that began in August remains intact as long as Bitcoin holds above its June low.