DECRYPT · 2026-11-11 21:46 UTC

Stablecoin Drain, ETF Outflows Leave Bitcoin 'Running on Empty'

Total stablecoin supply fell by $14.2 billion over the 30 days through Nov. 9, the fastest contraction since June 2022, per Glassnode, and now sits just below $280 billion. U.S. spot Bitcoin ETFs saw about $1.6 billion in net redemptions over 20 trading sessions, and Bitcoin traded near $73,000, below the short-term holder cost basis of about $75,600. Glassnode flagged $73,000 as key support and noted some positives, including flushed-out leverage, buy orders outweighing sells, and accumulation by wallets holding 100 to 10,000 BTC.

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