Stablecoin supply falls $14.2B in biggest 30-day drop since June 2022

Stablecoin supply fell by $14.2 billion over 30 days, the biggest drop since June 2022, according to Glassnode.

Key points:

• The total supply of stablecoins fell by $14.2 billion over the 30 days to Nov. 11, the largest 30-day drop since June 2022.
• Tether (USDT) is trading slightly below it sUS dollar peg.
• The Coinbase Premium Index remains negative after dropping to its lowest level in four years at the end of October.

Stablecoin supply drop most acute since June 2022

The rolling 30-day contraction stablecoin supply hit $14.2 billion this week, more than the $9.5 billion drop seen as Bitcoin (BTC) fell below $58,000 on July 1. It also marks the most pronounced drawdown since June 2022, when supply fell by nearly $30 billion.

Selected stablecoin supply data. Source: Glassnode

Stablecoin liquidity is a key yardstick for gauging crypto market sentiment.

“A shrinking supply means holders are redeeming stablecoins for dollars and taking that cash out of the market, which leaves less fuel for a rally,” Glassnode commented.

USDT, the largest stablecoin by market cap, continues to trade slightly below its $1 peg, per data from TradingView. Glassnode attributes the phenomenon to the “same pressure” from investors rotating out of the stablecoin market.

“Should the 30-day change turn back to growth, it would be the first sign that new money is coming in,” it added.

USDT/USD one-day chart. Source: Cointelegraph/TradingView

Coinbase Premium stays negative after four-year lows

Crypto market metrics continue to point to weakening demand as Bitcoin trades near 11-week lows.

On Tuesday, onchain analytics platform CryptoQuant reported overall Bitcoin demand falling by 284,000 BTC over 30 days, the most pronounced downturn since March 2025.

The Coinbase Premium Index, which measures the difference between Coinbase’s BTC/USD price and Binance’s BTC/USDT price, was still negative on Wednesday. The index fell to -0.27% on Oct. 29, its lowest level since November 2022.

“This unusually deep discount suggests weaker relative demand or greater selling pressure on Coinbase, a major venue for US-based trading activity,” CryptoQuant contributing analyst Amr Taha wrote at the time.

Bitcoin Coinbase Premium Index. Source: CryptoQuant