CryptoQuant reported on November 10 that the market value of USDT has decreased by $6.6 billion in the past 60 days, a decline greater than the wave of redemptions that occurred after the FTX crash in December 2022, reflecting the continued tightening of liquidity in the crypto market. CryptoQuant believes that the supply of stablecoins is an important indicator of the potential purchasing power of the crypto market, and the continued decline in supply means less funds available to purchase Bitcoin. At the same time, apparent demand for Bitcoin shrank by 284,000 coins in the past 30 days, the largest decline since March 2025; the Coinbase Premium Index has been negative for 30 consecutive days, indicating continued weakness in spot demand in the US market. The report pointed out that a similar contraction in demand had previously occurred during the phased bottoming period of Bitcoin, but the current stablecoin liquidity is still shrinking, US spot buying has not yet recovered, and Bitcoin still faces the risk of further adjustment.
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