Stablecoin supply plunges $14.2 billion in 30 days, marking the largest drop since June 2022

BlockBeats news, November 12 - According to Glassnode data, as of November 9, the total supply of major stablecoins decreased by approximately $14.2 billion over the past 30 days, marking the largest single-month decline since June 2022 and exceeding the $9.5 billion drop seen in July this year when Bitcoin fell below $58,000. Glassnode stated that the contraction in stablecoin supply means holders are redeeming stablecoins for dollars and withdrawing from the crypto market, and the liquidity available to drive market rallies is diminishing.

Among them, the largest stablecoin USDT is currently trading slightly below its $1 peg, which Glassnode attributes to investors' continued exit from the stablecoin market.

Other demand indicators are similarly weak. CryptoQuant data shows that Bitcoin's 30-day demand decreased by 284,000 coins, the largest decline since March 2025; the Coinbase Bitcoin Premium Index fell to -0.27% on October 29, the lowest level since November 2022, and remained in negative territory as of Wednesday, reflecting relatively weak demand and heavy selling pressure in the U.S. market.