Bitcoin

Tether USDt

USDC

<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Total stablecoin supply fell to about $295.9 billion on Nov. 3, its lowest since September 2025, after a drop of roughly $5.7 billion in seven days.</li>
 <li>US spot Bitcoin ETFs lost $1.04 billion on Oct. 30 and Nov. 2, their largest two-day outflow since late June, Farside Investors data show.</li>
 <li>Bitcoin traded about 2% above $75,800, the short-term holder cost basis that Checkonchain says has held so far.</li>
</ul>
Stablecoin supply shrank by about $5.7 billion over the past week, while US spot Bitcoin (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">BTC</a>) <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/bitcoin-etf">ETFs</a> lost more than $1 billion in two sessions. Both are main routes for new money into crypto, and both are running in reverse on midterm election day.
Total <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/stablecoin">stablecoin</a> supply fell to $295.9 billion on Tuesday, its lowest since September 2025, DefiLlama <a target="_blank" rel="noopener noreferrer nofollow" href="https://defillama.com/stablecoins">data</a> show. A CryptoQuant contributor ties the drop to weak demand. For Bitcoin, the level to watch is the average cost of recent buyers, near $75,800, which Checkonchain's James Check <a target="_blank" rel="noopener noreferrer nofollow" href="https://newsletter.checkonchain.com/p/first-gut-check">wrote</a> has held so far.
Analysts quoted by The Block on Sunday described the ETF exits as investors cutting risk.
“The current sentiment in crypto seems to be one of caution rather than fear,” Rick Maeda, head of markets at Laevitas, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/news/markets/2026-11-01-spot-bitcoin-etfs-largest-four-months-following-binance-hack-432270">said</a>.
<h2 id="header-1">How Much Left? $5.7 Billion of Stablecoins in a Week</h2>
Tether (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/tether/">USDT</a>) accounted for more than half of the decline. Its supply fell to $178.8 billion, the lowest since October 2025. Circle's USD Coin (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/usd-coin/">USDC</a>) shrank through most of October and has held roughly flat since.
The contraction has been running since spring. Supply has dropped roughly $11.4 billion since Oct. 5, extending a decline from its record in May.
The trend reversed a gain that came with the August rally. Supply rose through that rally as Bitcoin climbed above $85,000.
CryptoQuant contributor Darkfost tied the decline to weak demand and little new <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/liquidity">liquidity</a> entering the market. He also pointed to a string of exploits across crypto, which may leave investors seeing too much risk in holding it.<tweet-embed url="https://x.com/Darkfost_Coc/status/2117544787771306312"></tweet-embed>
<h2 id="header-2">What About the ETFs? $1 Billion Out in Two Sessions</h2>
The funds lost $643.2 million on Friday and $398.6 million on Monday, Farside Investors <a target="_blank" rel="noopener noreferrer nofollow" href="https://farside.co.uk/bitcoin-etf-flow-all-data/">data</a> show. It was their largest two-day outflow since late June.
BlackRock's IBIT accounted for all of Monday's net outflow, with its biggest one-day loss since June.
The exits reversed the inflows the desk <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/bitcoin-etf-inflows-return-ibit-volume-falls">reported</a> last week. Maeda noted that Friday's outflow equaled less than 1% of the funds' assets. ViaBTC chief analyst Jeff Ko called the selling a sentiment shock.<tweet-embed url="https://x.com/FarsideUK/status/2117478621439016981"></tweet-embed>
<h2 id="header-3">Why Does It Matter? Routes for New Money Are Shrinking</h2>
Stablecoins are the dollars traders hold to buy crypto on exchanges, while ETFs bring in <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/capital">capital</a> from brokerage accounts. A shrinking stablecoin supply means more tokens are being redeemed for dollars than issued.
Researchers at Imperial College London found links between stablecoin activity and crypto prices at daily, weekly and monthly horizons, in a March <a target="_blank" rel="noopener noreferrer nofollow" href="https://arxiv.org/abs/2603.23480">paper</a>.
The selling also comes as Bitcoin heads for a fifth straight weekly loss.
<h2 id="header-4">What Level Matters? Bitcoin's $75.8K Short-Term Holder Cost Basis</h2>
Bitcoin traded near $77,300 on Tuesday morning, about 2% above Checkonchain's level, CoinMarketCap data show.
Check called the pullback the “first major gut check correction since the August rally.” Galaxy Research's 50-week moving <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/moving-average-ma">average</a> sits close below, a line the desk <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/bitcoin-price-tests-galaxy-tripwire-76k">covered</a> on Friday.
Midterm results start arriving tonight, and the US jobs report follows on Friday.
“It is becoming urgent to see liquidity return to the crypto market,” Darkfost <a target="_blank" rel="noopener noreferrer nofollow" href="https://cryptoquant.com/insights/quicktake/6ae99becd730cb7df44be06c-Stablecoin-market-cap-hits-its-lowest-level-in-over-a-year">wrote</a> on Tuesday.
Further Reading: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/strategy-strc-buybacks-208m-bitcoin-65m">Strategy Spends $208M Defending STRC and $65M Buying Bitcoin</a>

Stablecoin Supply Hits 13-Month Low as Bitcoin ETFs Lose $1B

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