Stablecoin supply contracts by $14.2 billion, Bitcoin investors realize $3.6 billion loss

The cryptocurrency market is experiencing a significant outflow of funds as stablecoin supply registered its steepest decline since June 2022, and Bitcoin investors move billions in assets to exchanges at a loss. Glassnode, a blockchain analytics firm, reported that stablecoin supply fell by $14.2 billion over the 30 days ending November 9, with total outstanding tokens now just under $280 billion. Stablecoins are digital tokens generally pegged to the US dollar, widely used by traders to park funds between transactions and as onchain settlement tools. When stablecoin supply contracts, it suggests that investors are redeeming their tokens for fiat and increasingly withdrawing capital from the digital asset ecosystem.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinTurk News.