Glassnode reports stablecoin supply fell by 14.2 billion

Stablecoin supply decreased by 14.2 billion over the past 30 days, the fastest contraction since June 2022, according to Glassnode. This decline suggests that the fuel for a broader crypto market rally is diminishing. Bitcoin is currently undergoing a correction with minimal new capital entering the market, resulting in limited near-term bullish factors. A significant portion of excessive leveraged positions around current price levels has been liquidated, although some whale wallet groups are beginning to accumulate. For a market rebound, Bitcoin needs to reclaim 75600, the realized price for short-term holders. Conversely, a sustained move below 73000 could trigger a prolonged consolidation phase, and a weekly close under 58500 would negate the rebound scenario.

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