Accumulate

Stablecoin

Value

USDC

Billion

<h2 id="span-style-font-weight-400-tldr-span">TLDR:</h2>
<ul>
 <li style="font-weight: 400">Stablecoin supply fell $14.2 billion in the 30 days through Nov. 9, marking its sharpest decline since June 2022, per Glassnode.</li>
 <li style="font-weight: 400">USDT’s market value dropped $6.6 billion in 60 days, over twice the dollar decline recorded after FTX collapsed in late 2022.</li>
 <li style="font-weight: 400">U.S. spot Bitcoin ETFs saw $1.6 billion in net outflows across 20 sessions through Nov. 9, according to Glassnode’s report.</li>
 <li style="font-weight: 400">Glassnode found two large Bitcoin wallet groups were accumulating, even as its liquidation heatmap showed a major cluster near $60,000.</li>
</ul>
Stablecoin supply fell by $14.2 billion in the 30 days through Nov. 9, according to Glassnode. It was the sharpest decline since June 2022. The drop comes as U.S. spot Bitcoin ETFs recorded $1.6 billion in net outflows over 20 trading sessions through the same date.
A separate CryptoQuant report recently found a $6.6 billion decline in USDT’s market capitalization over 60 days. Bitcoin traded near $71,500 on Nov. 13, after a slip near $74,000 on the previous day. Analysts are watching whether dollar-linked tokens return to growth as investors assess buying power across the <a href="https://coincentral.com/bitcoins-100k-target-faces-a-momentum-test/" rel="noopener noreferrer nofollow">crypto market</a>.
<h2 id="b-stablecoin-supply-shrinks-as-usdt-market-value-falls-b">Stablecoin Supply Shrinks as USDT Market Value Falls</h2>
Glassnode <a href="https://research.glassnode.com/the-week-onchain-week-45-2026/" rel="noopener noreferrer nofollow">compared </a>the current contraction with June 2022, shortly after the collapse of Terra’s algorithmic <a href="https://parameter.io/occ-warns-stablecoin-operators-pending-applications-wont-prevent-legal-violations-after-january-2027/" rel="noopener noreferrer nofollow">stablecoin</a>. The comparison measures dollar changes across different periods; it does not establish that the same conditions exist today.
<figure style="width: 100%" class="wp-caption aligncenter"><img src="https://storage.ghost.io/c/25/7e/257e6d23-09bb-4d1c-b3ed-16ff70eb3f9f/content/images/2026/11/woc45_hld_sth_cbd_heatmap_b.png" alt="Most Short-Term Holder Coins Sit Overhead, One Block Below" width="2000" height="1125">
 <figcaption>
 Bitcoin Liquidation Heatmap. Source: Glassnode
 </figcaption>
</figure>
The earlier monthly decline reached nearly $30 billion in June 2022, according to The Block. Its data put total stablecoin supply just below $280 billion on Nov. 11, the lowest since September 2025.
The largest stablecoins, including Tether’s USDT and Circle’s USDC, aim to maintain a value of $1. Traders use them to move funds and buy digital assets without relying on bank transfers for each transaction.
When holders redeem tokens for dollars, circulating supply can decline. A smaller pool may leave less dollar-linked buying power available for crypto trades, Glassnode said. A sale between two traders, however, changes ownership without necessarily changing the total number of tokens in circulation.
However, stablecoin supply alone cannot show where every dollar goes. Stablecoins also support payments, transfers and collateral, while users can move between different issuers.
As<a href="https://blockonomi.com/tether-supply-decline-stablecoin-liquidity/" rel="noopener noreferrer nofollow"> reported earlier</a> CryptoQuant data shows USDT’s market capitalization dropped $6.6 billion over the 60 days through Nov. 7. That exceeded twice the roughly $3.2 billion decline recorded over a comparable period after FTX collapsed in 2022.
<figure style="width: 100%" class="wp-caption aligncenter"><img src="https://assets.beincrypto.com/img/nS9sFSN9-UwmPP2T_-STYHkQEAY=/smart/9dbd011920bd4f3fbd575f4cc2a97a99" alt="" width="2048" height="1152">
 <figcaption>
 Source: CryptoQuant data
 </figcaption>
</figure>
The recent drop was larger in dollar terms, but smaller as a percentage of USDT’s much larger market value. Market capitalization also reflects the token’s price, which can move slightly above or below its dollar target.
USDT represented roughly 62.8% of stablecoin supply, with USDC accounting for 25.1%, according to The Block’s Nov. 11 figures. Gold-backed tokens had a combined market value of $5.61 billion, below their $6.31 billion peak in February.
<h2 id="b-bitcoin-etfs-see-outflows-as-large-holders-accumulate-b">Bitcoin ETFs See Outflows as Large Holders Accumulate</h2>
The $1.6 billion in net outflows from<a href="https://moneycheck.com/bitcoin-etfs-record-89-8m-withdrawals-as-arkb-and-fbtc-lead-october-outflows/" rel="noopener noreferrer nofollow"> U.S. spot Bitcoin ETFs</a> covered 20 sessions through Nov. 9. That figure is a cumulative total and does not mean every session recorded an outflow.
U.S. spot Ethereum ETFs also saw more than $1.8 billion leave over six consecutive weeks, The Block reported on Nov. 10. ETF flows and stablecoin supply measure different markets; the figures do not establish that ETF redemptions caused the token contraction.
<figure style="width: 100%" class="wp-caption aligncenter"><img src="https://assets.beincrypto.com/img/7_qZyFV3dq8nBEvXYUk4q5DhtC4=/smart/59137760172b40f1b4509dff42756d7c" alt="" width="3200" height="1800">
 <figcaption>
 Source: Glassnode
 </figcaption>
</figure>
CoinMarketCap’s Fear and Greed Index stood at 26 on Nov. 11, indicating fear. Bitcoin accounted for about 60.5% of the total crypto market value that day.
Glassnode found that wallets holding 100 to 1,000 BTC and those with 1,000 to 10,000 BTC had recently accumulated. Other wallet groups were still reducing their holdings in the data through Nov. 9.
On Nov. 11, Glassnode found buy orders between $68,000 and $72,500 on Binance and Coinbase. Traders can withdraw those bids anytime.
Glassnode said most nearby long liquidation levels had already been cleared as Bitcoin fell. Its Nov. 11 heatmap placed the largest modeled cluster between $59,500 and $62,600. Such clusters show where leveraged positions could be forced to close, rather than predicting where Bitcoin will trade.
The post <a href="https://blockonomi.com/stablecoin-supply-falls-14-2-billion-in-sharpest-drop-since-2022/" rel="noopener noreferrer nofollow">Stablecoin Supply Falls $14.2 Billion in Sharpest Drop Since 2022</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

Stablecoin Supply Falls $14.2 Billion in Sharpest Drop Since 2022

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