Stablecoin Supply Drops $14.2B as Bitcoin ETF Outflows Drain Market Liquidity

Crypto-market liquidity is contracting as total stablecoin supply fell by $14.2 billion over the 30 days through November 9, the fastest monthly decline since June 2022, according to Glassnode. U.S. spot bitcoin ETFs recorded about $1.6 billion in net redemptions across 20 trading sessions, while the Coinbase premium remained negative, signaling weak U.S. demand. Bitcoin also traded below the roughly $75,600 cost basis of short-term holders and hovered near $73,000, leaving many recent buyers underwater. Glassnode identified $73,000 as a key support area and said a return to stablecoin supply growth would be an important sign that fresh capital is re-entering the market.