Stablecoin supply falls $14.2B in biggest 30-day drop since June 2022
Summary
Stablecoin supply contracted by $14.2 billion over 30 days, its largest decline since June 2022, according to Glassnode. The firm said redemptions reduce liquidity available to crypto markets; USDT was also trading slightly below its dollar peg. Other indicators pointed to weaker Bitcoin demand: CryptoQuant reported a 284,000 BTC decline in 30-day demand, while the Coinbase Premium Index remained negative and recently reached its lowest level since November 2022.
