Glassnode says stablecoin supply shrank by $14.2B in 30 days, the largest contraction since the Terra collapse. Bitcoin trades below its key averages and recent buyers' cost, while whale bids near $63K face a test.
Glassnode warned that the crypto market's cash pile is shrinking. Stablecoin supply fell by $14.2B in the 30 days through Nov 9, the largest contraction since the Terra collapse in June 2022.
According to Glassnode, a smaller pool of stablecoins leaves "less fuel for a rally", the firm warned.
ETF outflows and liquidations add pressure
Fund demand is fading as well. About $1.6B has left US spot bitcoin ETFs over 20 sessions, according to Glassnode. Farside data showed $299.8M in outflows on Nov 11 alone, mostly from BlackRock's IBIT.
Leveraged traders took the hit. CoinGlass counted $1.23B in liquidations over 24 hours, mostly long bets, with bitcoin accounting for about $677.5M.
Bitcoin trades under both averages
Bitcoin traded near $69K on Friday, down about 3% in the past day. That leaves it below both of the moving averages traders watch most.
The 50-day average sits near $78K, and the 200-day average near $76K. Glassnode also puts the average buy price of recent investors near $75,600, so anyone who bought in that wave is sitting on a loss.
Whale bids guard the road to $63K
Large holders are starting to step in. Glassnode said wallets holding 100 to 10,000 BTC have placed large buy orders between $68,000 and $72,500. The firm also flagged a second buying area between $62,000 and $66,000.
A break below the nearest support would weaken the case, and the next support sits near $59K. On the upside, resistance sits near $75K, and the next ceiling waits near $80K.
Bitcoin's trend stays bearish until stablecoin supply grows again and ETF flows turn positive for more than a session or two.
Source: Crypto Daily
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