Bitcoin Falls Below $75K as Stablecoin sees $14.2B in Outflow

Bitcoin has fallen below $75,000 as the crypto market faces growing pressure from investors withdrawing money, according to Glassnode. 

In a November 11 post on X, the analytic firm reported that major stablecoin supplies dropped by $14.2 billion over 30 days, while US spot Bitcoin ETFs also recorded large outflows, showing that less money is flowing into the market.

Bitcoin has been grinding down and stablecoin supply is shrinking fast; the fastest contraction since June 2022.

Our latest Week On-chain report contains eight more analyses, including cost basis, ETF flows, wallet accumulation and much more. https://t.co/FNqqw4XtxW

— glassnode (@glassnode) November 11, 2026

The decline in stablecoin supply is happening alongside a weaker Bitcoin price and falling demand from US investors. Data from Glassnode shows that Bitcoin is trading around $74,000, below the average purchase price of recent buyers. At the same time, investors who normally use stablecoins to buy cryptocurrencies are redeeming them for dollars and taking their money out of the market.

Stablecoin supply records its biggest drop since 2022

According to Glassnode, the total supply of major stablecoins has fallen by $14.2 billion over the past 30 days, bringing the figure to just below $280 billion. This is the biggest monthly decline since June 2022, when the crypto market was going through a major downturn.

For comparison, stablecoin supply dropped by almost $30 billion in June 2022. Bitcoin later reached its bear market low of $15,500 in November that year.

Glassnode explained that investors are redeeming their stablecoins for dollars and moving the money out of crypto. This leaves less cash available for people looking to buy digital assets. The firm said a return to stablecoin supply growth would be the “first sign that new money is coming in.”

Tether faces a deeper decline

The pressure is also affecting Tether’s USDT, the largest stablecoin by market value. A separate report from CryptoQuant found that USDT’s market capitalization fell by $6.6 billion over the 60 days ending November 7.

This decline is more than twice the $3.2 billion drop recorded over a similar period in December 2022, following the collapse of FTX.

Tether supply is shrinking faster than it did after FTX.

USDT market cap is down $6.6B in 60 days, more than double the December 2022 drop.

Stablecoin growth funded every rally this cycle. That fuel is draining. pic.twitter.com/WxQNDdwZER

— CryptoQuant.com (@cryptoquant_com) November 10, 2026

Despite the decline, USDT still controls about 62.8% of the stablecoin market, while Circle’s USDC accounts for 25.1%, according to The Block. Gold-backed tokens have remained steadier, with a combined market value of $5.61 billion.

Recent Bitcoin buyers move into losses

Bitcoin’s decline has also pushed many recent buyers below their purchase prices. Glassnode data shows that the cryptocurrency is trading near $74,000, below the Short-Term Holder Cost Basis of $75,600. This figure represents the average price paid by investors who bought Bitcoin within the past 155 days.

At September’s price high, almost all short-term holders were in profit. Now, only about 35% remain profitable. Many investors bought Bitcoin between August and October at prices above its current level, with some purchase levels reaching $83,600.

Another important level is $77,500, known as the True Market Mean. A move above this price could bring about half of short-term holders back into profit.

Bitcoin ETFs record $1.6 billion in outflows

Demand from U.S. investors has also weakened. Glassnode reported that US spot Bitcoin ETFs recorded $1.6 billion in net outflows over 20 trading sessions. This means investors withdrew more money from the funds than they put in.

Data from SosoValue shows that the ETF funds have recorded about 1.58 billion outflow over the last month alone, bringing their total net assets to about $92.82 billion in value. 

Bitcoin has also traded at a discount on Coinbase compared with the wider market. Its average premium has remained negative since September, suggesting weaker buying activity from US investors.

Meanwhile, the S&P 500 and Nasdaq 100 have recovered above their election-day closing levels, while Bitcoin remains about 5% lower following its latest decline after the November 10 CPI release.

Large Bitcoin wallets begin buying again

Despite the selling pressure, some investors are starting to buy the dip. Glassnode found that wallets holding between 100 and 1,000 BTC and those holding 1,000 to 10,000 BTC increased their balances over the past week.

However, other groups, including wallets holding more than 10,000 BTC and smaller retail investors, are still reducing their holdings.

Buy orders have also remained stronger than sell orders within 5% of Bitcoin’s price on Binance and Coinbase since November 5. Still, Glassnode warned that these orders can be removed at any time.

CryptoQuant said Bitcoin could form a local price bottom before USDT supply starts growing again. Meanwhile, a recovery above $75,600 would help Bitcoin regain an important level lost during its recent decline.

Also Read: Crypto Market Up: Bitcoin Price Reclaims $74K as ETH, XRP, SOL Rally on Deutsche Bank Custody Launch