Bitcoin price: Stablecoin supply declines $14.2B in largest 30-day drop since June 2022
According to Glassnode, Stablecoin supply dropped by $14.2 billion over 30 days, the largest drop since June 2022. The total supply of stablecoins dropped by $14.2 billion over the 30 days to Nov. 9, the biggest 30-day drop since June 2022.Tether (USDT) is trading a…
In this article
On the Bitcoin price front, according to Glassnode, Stablecoin supply dropped by $14.2 billion over 30 days, the largest drop since June 2022. The total supply of stablecoins dropped by $14.2 billion over the 30 days to Nov. 9, the biggest 30-day drop since June 2022.Tether (USDT) is trading a little below its US dollar peg.The Coinbase Premium Index is still negative following dropping to its lowest level in four years at the end of October.
Key points
- It also marks the most pronounced drawdown since June 2022, when supply slipped by close to $30 billion.
- The index slipped to -0.27% on Oct. 29, its lowest point since November 2022.
- USDT, the biggest stablecoin by market cap, continues to trade marginally below its $1 peg.
- Onchain analytics platform CryptoQuant that its measure of Bitcoin demand declined by 284,000 BTC over 30 days.
- Glassnode attributes the phenomenon to the "same pressure" from traders rotating out of the stablecoin market.
Inside the Bitcoin price story
It also marks the most pronounced drawdown since June 2022, when supply slipped by close to $30 billion. USDT, the biggest stablecoin by market cap, continues to trade marginally below its $1 peg, per data from TradingView. Glassnode attributes the phenomenon to the "same pressure" from traders rotating out of the stablecoin market.
Onchain analytics platform CryptoQuant that its measure of Bitcoin demand declined by 284,000 BTC over 30 days, the most pronounced downturn since March 2025 on Tuesday. The index slipped to -0.27% on Oct. 29, its lowest point since November 2022.
Why Bitcoin price matters for traders
Crypto markets trade around the clock and react quickly to regulation, ETF flows, liquidity conditions and broader risk sentiment. Moves in Bitcoin often set the tone for the rest of the digital-asset market.
Changes in interest-rate expectations and institutional flows have become major drivers of crypto prices, linking them more closely to traditional markets.
Market reaction and data
Crypto prices at the time of writing, from Binance spot data (2026-11-12 11:51 UTC):
| Asset | Last price (USDT) | 24h change | 24h high | 24h low |
|---|---|---|---|---|
| Bitcoin (BTC) | 72,901.02 | -1.56% | 74,811.45 | 72,896.00 |
| Ethereum (ETH) | 2,022.99 | -1.74% | 2,103.78 | 2,022.02 |
On the currency side, the latest ECB daily reference rates (2026-11-11) show EUR/USD 1.1127, GBP/USD 1.3307, AUD/USD 0.6859, NZD/USD 0.5583, USD/JPY 159.23, USD/CHF 0.8299, USD/CAD 1.4235, USD/CNY 6.6707. These are reference fixes, not live quotes.
What to watch next for Bitcoin price
Watch for ETF flow data, regulatory news, large on-chain movements and shifts in overall risk appetite in stock markets.
Follow every update in our Top 10 Crypto News Today, read Bitcoin price: BlackRock Bitcoin ETF outflows hit $2B over nine sessions or see all of today's top market news.
FAQ
What is the latest Bitcoin price news?
According to Glassnode, Stablecoin supply dropped by $14.2 billion over 30 days, the largest drop since June 2022.
What moves the price of Bitcoin?
Bitcoin reacts to institutional and ETF demand, regulation, liquidity and interest-rate expectations, as well as general risk sentiment in financial markets.
Where does this information come from?
This report is based on coverage from Cointelegraph, checked against market data where available. It is a summary for information only and not investment advice.
Risk warning: This article is for information only and is not investment advice. Trading forex, CFDs, stocks and crypto carries a high risk of losing money. Prices move fast – check live quotes before you trade.
