Originally reported by Cointelegraph on November 12, 2026, at 19:38 UTC+8.
Stablecoin supply fell $14.2 billion in the 30 days to November 9, 2026, according to Glassnode. It was the largest 30-day decline since June 2022, when supply fell by nearly $30 billion. The latest contraction also exceeded the $9.5 billion drop cited for July 1, when Bitcoin fell below $58,000.
Glassnode interpreted the shrinking supply as a sign that holders were redeeming stablecoins for dollars and moving cash out of the crypto market. It said a return to growth in the 30-day measure would be an initial sign of new money entering. Separately, TradingView data showed Tether’s USDT trading slightly below its $1 peg; Glassnode attributed that discount to the same pressure from investors leaving the stablecoin market.
Other demand measures were weak in the original reporting window. CryptoQuant reported that its measure of Bitcoin demand had fallen by 284,000 BTC over 30 days, its sharpest decline since March 2025. The Coinbase Premium Index—which compares Coinbase’s BTC/USD price with Binance’s BTC/USDT price—remained negative on the Wednesday before publication. It had reached -0.27% on October 29, its lowest reading since November 2022. CryptoQuant contributing analyst Amr Taha said at the time that the discount suggested weaker relative demand or greater selling pressure on Coinbase, rather than establishing which explanation was responsible.
These are dated liquidity and demand observations, not a forecast of Bitcoin’s next move.
