As reported by ChainCatcher on November 12, 2026, Glassnode data showed that the combined supply of major stablecoins had fallen by about $14.2 billion over the 30 days ending November 9. It was the largest monthly decline since June 2022 and exceeded the $9.5 billion drop recorded when Bitcoin fell below $58,000 in July 2026.
A stablecoin is a token designed to track an asset such as the US dollar. Glassnode interpreted the supply decline as a sign that holders were redeeming stablecoins for dollars and leaving the crypto market, reducing the liquidity available to support price increases. It also said USDT, the largest stablecoin, was trading slightly below its $1 peg because investors continued to leave the stablecoin market.
Other indicators in the report pointed to weaker Bitcoin demand. CryptoQuant data showed a decline of 284,000 BTC in 30-day demand, the largest since March 2025. The Coinbase Bitcoin Premium Index fell to −0.27% on October 29, its lowest level since November 2022, and remained negative as of the Wednesday preceding publication. The report described that reading as reflecting weaker relative demand and greater selling pressure in the US market.
Original report: ChainCatcher, published November 12, 2026, at 20:00:37 UTC+08:00.