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Stablecoin supply falls $14.2B in biggest 30-day drop since June 2022

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Stablecoin supply falls $14.2B in biggest 30-day drop since June 2022

Crypto markets were left with “less fuel” to rally after the market cap of major stablecoins saw its biggest 30-day drop in over four years.

Stablecoin supply fell by $14.2 billion over 30 days, the biggest drop since June 2022, according to Glassnode.

The rolling 30-day contraction in stablecoin supply hit $14.2 billion this week, more than the $9.5 billion drop seen as Bitcoin (BTC) fell below $58,000 on July 1. It also marks the most pronounced drawdown since June 2022, when supply fell by nearly $30 billion.

“A shrinking supply means holders are redeeming stablecoins for dollars and taking that cash out of the market, which leaves less fuel for a rally,” Glassnode commented.

USDT, the largest stablecoin by market cap, continues to trade slightly below its $1 peg, per data from TradingView. Glassnode attributes the phenomenon to the “same pressure” from investors rotating out of the stablecoin market.

“Should the 30-day change turn back to growth, it would be the first sign that new money is coming in,” it added.

Crypto market metrics continue to point to weakening demand as Bitcoin trades near 11-week lows.

Related: Bitcoin short-term holders send 47K BTC to exchanges at a loss

On Tuesday, onchain analytics platform CryptoQuant that its measure of Bitcoin demand fell by 284,000 BTC over 30 days, the most pronounced downturn since March 2025.

The Coinbase Premium Index , which measures the difference between Coinbase’s BTC/USD price and Binance’s BTC/USDT price, was still negative on Wednesday.


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