News
Stablecoin Supply Falls, Bitcoin Faces Challenges
Stablecoin supply fell by $14.2 billion in 30 days, the fastest contraction since June 2022, according to Glassnode. This has left traders with less fuel for a rally. Additionally, U.S. spot Bitcoin ETFs saw about $1.6 billion in net redemptions over 20 trading sessions, and Bitcoin has traded at a discount on Coinbase, indicating a lack of fresh money. Bitcoin also slipped below the average cost basis of short-term holders, leaving most recent buyers underwater and trading near $73,000. Over $3.6 billion in Bitcoin was recently moved to exchanges, potentially to be sold at a loss.