By Isaac • November 11, 2026 11:23 am •
The pool of digital dollars available inside crypto markets is shrinking at its fastest pace in more than four years.
Total stablecoin supply fell by $14.2 billion over the past 30 days, according to Glassnode. That is the steepest contraction since June 2022 and a clear sign that capital is leaving the market rather than simply rotating from one coin to another.
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Glassnode says the decline comes as Bitcoin trades near $74,000, below the $75,600 average cost basis for short-term holders. Only about 35% of coins held by recent buyers are currently in profit, leaving a large group of investors waiting for a rebound toward breakeven.
Stablecoins matter because they function as the crypto market’s cash
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