Bitcoin falls below $69,000 as $14.2 billion stablecoin drain hits liquidity

Cryptocurrency markets experienced sharp declines on November 13, as a combination of stablecoin contraction, withdrawals from U.S. spot Bitcoin exchange-traded funds (ETFs), and forced selling in derivatives markets converged to push prices lower. Bitcoin dipped below $69,000 during the morning, while Ether briefly traded under $2,000. Although partial recoveries were observed in subsequent hours, major assets remained lower on a 24-hour basis. On November 11, Glassnode reported that the total stablecoin supply had shrunk by $14.2 billion over 30 days, marking the swiftest contraction since June 2022. Stablecoins like USDT and USDC serve as crucial liquidity within crypto markets, allowing investors to move value and enter or exit positions.

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