Glassnode: stablecoin supply decreased by $14.2 billion in a month

On November 13, 2026, Bitcoin (BTC) fell below $69,000, and Ethereum (ETH) dropped below $2,000. The decline coincided with a reduction in stablecoin supply and capital outflows from U.S. exchange-traded funds. These factors may limit demand, but their separate impact on quotes cannot be determined.

Stablecoin supply decreased by $14.2 billion

According to Glassnode data from November 11, the supply of major stablecoins decreased by $14.2 billion over the 30 days leading up to November 9. This is the fastest reduction since June 2022. Stablecoins are used for settlements and trading digital assets, so a decrease in their supply may indicate a reduction in funds available for purchases.

CryptoQuant recorded a decrease in the capitalization of USDT by $6.6 billion over the 60 days leading up to November 7. This figure is more than double the $3.2 billion drop noted by the service after the collapse of FTX in 2022. This refers to a reduction in token supply, not losses for their holders.

Bitcoin ETFs completed the sixth session with outflows

According to preliminary statistics from Farside Investors, on November 12, the net outflow from U.S. spot Bitcoin-ETF amounted to $47.7 million. The largest reduction in investments was in Bitwise's BITB, at $26.4 million, while Morgan Stanley's MSBT attracted $3.3 million. This was the sixth consecutive trading session with outflows. Data for some funds were unavailable at the time of verification.

Liquidations intensified the market decline

After BTC fell below $70,000, the forced closure of leveraged long positions accelerated the sell-off. In one of the morning snapshots on November 13, the volume of liquidations was estimated at approximately $1.6 billion, with the majority being growth bets. Estimates depend on the observation time and exchange coverage.

Glassnode also notes a negative Coinbase premium as a sign of relatively weak demand on the American platform. However, neither the reduction in stablecoin supply nor the outflows from ETFs allow for a definitive determination of the market's future direction.