Stablecoin Drain, ETF Outflows Leave Bitcoin 'Running on Empty'
Summary
Stablecoin supply fell $14.2 billion in the 30 days through Nov. 9, its sharpest contraction since June 2022, leaving less capital available for crypto trading. Glassnode also reported $1.6 billion in net outflows from U.S. spot Bitcoin ETFs and weakening U.S. demand, while Bitcoin traded near $73,000, below short-term holders’ average cost basis. The firm identified signs of possible support, including reduced leveraged long positions and accumulation by large Bitcoin holders, and said the broader trend remains intact above the June low. The contraction comes amid growing competition from banks and new Federal Reserve rules for stablecoins.
