Bitcoin Demand Plunges 284,000 BTC as $6.6B Exits USDT Market Cap

TL;DR: Apparent Bitcoin demand decreased by 284,000 BTC over the past 30 days, registering its largest contraction since March 2025. Tether’s (USDT) market capitalization dropped by $6.6 billion over a 60-day span. The Coinbase Premium Index completed 30 consecutive days in negative territory as of November 10, 2026. Bitcoin demand registered a contraction of 284,000 BTC over the past 30 days following a sustained capital outflow in stablecoins. As reported by analytics firm CryptoQuant on November 10, 2026, the reduction in available liquidity coincides with a weakening of spot purchases on major exchanges . Tether supply is shrinking faster than it did after FTX. USDT market cap is down $6.6B in 60 days, more than double the December 2022 drop. Stablecoin growth funded every rally this cycle.

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