Stablecoin Supply Falls $14.2 Billion as Bitcoin Demand Weakens

USDT and USDC lead the stablecoin contraction

DefiLlama’s November 10 analysis independently put the monthly decline at about $14 billion. It attributed more than half of that decline to USDT and about one-fifth to USDC. The two tokens still made up about 84% of the supply it tracked, which it valued at about $290 billion.

Ethereum accounted for most of the dollar decline in DefiLlama’s analysis. Its stablecoin supply fell 6% over the month, while Solana’s fell 8%. The steeper percentage drop on Solana came off a smaller base. Ethereum still held about 46% of the stablecoins DefiLlama tracked, down from 54% at the start of the year.

The circulation figure can move independently of a token’s dollar price. Circle’s redemption process, for example, removes USDC from circulation when an eligible customer returns tokens for dollars. A trade between two users can change who holds the tokens while leaving the supply intact.

Circle had reported $73.9 billion in USDC outstanding at the end of September in its third-quarter results. That issuer figure is a point-in-time balance. DefiLlama’s estimate measures the change across multiple stablecoins over a later period.

U.S. Bitcoin ETFs post four straight outflow days

Farside Investors’ daily tally showed $95 million in net withdrawals on November 10, the fourth consecutive session of outflows and the smallest of those four days. BlackRock’s IBIT lost $78.2 million and Fidelity’s FBTC lost $36.8 million, while Morgan Stanley’s MSBT took in $20 million.

The four completed sessions from November 5 through November 10 recorded about $1.14 billion in combined outflows in Farside’s data. Some of those sessions were already part of the $1.28 billion withdrawal week that ended November 6.

Farside’s November 11 tally showed $30.1 million in net outflows as of 01:00 UTC on November 12. Several funds, including BlackRock’s and Fidelity’s, had no figure in the table at that point, leaving the result provisional.

Stablecoin supply counts the tokens available across the market. ETF flows measure investor money entering or leaving a defined group of U.S. funds. Both pointed to weaker demand in early November. The figures cover different periods and cannot establish whether the same investors were behind both moves.

Bitcoin remains below recent buyers’ cost basis

Glassnode put the average acquisition price for Bitcoin held for less than 155 days at about $75,600. It estimated that about 35% of those holdings were in profit in its Wednesday snapshot, compared with nearly all of them at the September high.

The report also found that Bitcoin traded at a discount on Coinbase relative to global prices on a 30-day average, even after adjusting for Tether’s small discount to the dollar. Two groups holding between 100 and 10,000 BTC added to their balances over the previous week, a narrower sign of buying while other groups reduced holdings.

Bitcoin had fallen 2.08% Tuesday, when the U.S. Bureau of Labor Statistics reported a 0.4% monthly rise in October consumer prices. Wednesday’s small rebound left it below both Tuesday’s opening level and the recent-buyer cost estimate.

The Crypto Fear & Greed Index registered 28 on November 12, in the Fear range, down from 29 the previous day.

Glassnode’s supply figures end on November 9. The next issuance and redemption figures will show whether the stablecoin pool is still shrinking. The final November 11 ETF tally will establish whether fund outflows extended to a fifth session.