Stablecoin Supply Shrinks by $14.2 Billion at Fastest Pace Since June 2022
Key Facts
Total stablecoin supply fell by $14.2 billion over the 30 days through November 9, its fastest contraction since June 2022, according to a weekly report published by Glassnode. The figure measures the net change in circulating stablecoins and points to a reduction in cash remaining within the digital-asset ecosystem. The company linked the contraction to redemptions for dollars and cash leaving the market. That puts the liquidity trajectory at the center of market monitoring, alongside Bitcoin's decline in recent sessions. A contraction in supply alone does not establish a price trend for the cryptocurrency.
Glassnode's metric is based on the 30-day net change in the aggregate circulating supply of the 11 largest dollar-pegged stablecoins it covers. That means the figure measures the combined supply movement of this group, not flows in an individual coin or money that entered Bitcoin directly. Glassnode says continued net issuance indicates new dollar liquidity entering the ecosystem, while sustained redemptions are associated with capital outflows and risk-off conditions. According to the company, a shift to growth in the 30-day change would be the first sign of new money entering. It did not specify when that signal might occur.
The supply contraction coincided with net outflows of $1.6 billion from U.S. spot Bitcoin funds over 20 trading sessions through November 9, according to Glassnode. That adds another channel for money leaving the digital-asset market during the period covered by the report. Daily closing data showed Bitcoin closed at $80,504.01 on November 4, then at $76,088.01 on November 5. It recorded $75,844 on November 6 and $75,867.59 on November 7, before ending November 8 at $74,851.44. After closing at $75,368.41 on November 9, it fell to a close of $73,796.06 on November 10.
Glassnode said Bitcoin was trading below the short-term holder cost basis of $75.6 thousand in its assessment dated November 11. The company sees a recovery of that level as supporting its market reading. Conversely, it said a continued break below $73 thousand, the low of the range the coin recorded in the previous week, would signal a longer consolidation period. The assessment puts $75.6 thousand and $73 thousand on the company's watchlist without settling the price direction. The coin had closed at $73,796.06 on November 10, according to EL7 data.
In its longer-term price comparison, Glassnode said Bitcoin remained above the June low of $58.5 thousand. It added that a close below that low would invalidate the directional shift that began in August, according to its assessment. This comparison differs from the daily moves reflected in closes from November 4 to November 10, as it concerns a reference level dating back to June. Glassnode did not directly link this level to the contraction in stablecoin supply, but cited it as part of its assessment of Bitcoin's trend structure. The June low therefore remains a historical benchmark in the company's analysis, alongside its nearer levels of $75.6 thousand and $73 thousand.
The Federal Reserve set November 18 as the date for publishing minutes of the Federal Open Market Committee meeting held on October 27 and 28. The minutes will be released after Glassnode's November 11 assessment and will provide details of the meeting's discussions. The Federal Reserve did not link the release of the minutes in its calendar to movements in stablecoins or Bitcoin. The signal Glassnode identified for monitoring liquidity remains a shift to growth in the 30-day net change in supply, with no date specified. November 18 is the next publication date cited in the available facts.