Stablecoin Supply Decreased by $14.2 Billion in 30 Days

The supply of major stablecoins decreased by $14.2 billion over 30 days, marking the largest drop since June 2022, according to a report by the analytical platform Glassnode dated November 11, 2026. The report states that the supply data was collected as of November 9. Glassnode estimates that some holders are redeeming tokens for dollars and withdrawing funds from the cryptocurrency market.

Stablecoin Supply Declines

For comparison, in June 2022, the 30-day reduction approached $30 billion. Another significant decline of $9.5 billion was observed amid Bitcoin's (BTC) drop below $58,000 on July 1, according to the original material. Glassnode believes that the reduction in stablecoin supply limits the amount of funds that can be directed towards purchasing crypto assets.

The largest stablecoin, Tether (USDT) was trading slightly below its $1 peg at the time of analysis. Analysts attribute this to pressure from participants reducing positions in such tokens. Glassnode views the return of the 30-day supply change to positive values as a possible sign of new capital inflow, rather than a guarantee of price growth.

Coinbase and CryptoQuant Record Weak Bitcoin Demand

The Coinbase premium index, reflecting the difference between the BTC price on Coinbase paired with the dollar and on Binance paired with USDT, remained negative on November 11. On October 29, it dropped to −0.27%, the lowest since November 2022. CryptoQuant analyst Amr Taha explained the negative value by relatively weak demand or increased seller pressure on Coinbase.

According to CryptoQuant, the estimated 30-day demand indicator for Bitcoin was −284,000 BTC, the lowest since March 2025. This is a demand model indicator, not a confirmed volume of coin withdrawals from exchanges. Combined, data on stablecoins and BTC prices on different platforms indicate market participants' caution but do not determine the future dynamics of quotes.