$14.2 billion was withdrawn from stablecoins in 30 days. That's according to Glassnode in a report dated November 11. The volume of these coins has fallen more sharply only in the bearish year of 2022.
A stablecoin is a coin whose rate is pegged to the dollar. They are what people use on exchanges to buy BTC and altcoins.
Why this matters to a trader. The fewer stablecoins on the market, the less money there is to push prices up.
How much money left
- $280 billion - the total volume of stablecoins dropped just below this mark, the level seen in September 2025
- $11 billion - almost the entire reduction came from USDT and USDC alone
- 62.8% - USDT's share from Tether, it did not change
- 25.1% - USDC's share from Circle, also unchanged
- $5.61 billion - gold-backed tokens, their combined market cap barely changed
- $6.31 billion - the February peak for gold-backed tokens, when gold was worth around $5,350 per troy ounce
Why the volume is falling
Holders are redeeming coins. A shrinking volume means they are being exchanged back into dollars and cash is being withdrawn from the market.
Glassnode described it as "less fuel for growth": stablecoins are the very money used on exchanges to buy BTC and altcoins.
Worse than after FTX?
CryptoQuant calculated USDT separately. Here's how the comparison with past drawdowns looks.
- $6.6 billion - how much USDT's market cap fell over 60 days through November 7
- $3.2 billion - USDT's loss over a comparable period in December 2022, right after the FTX exchange collapse, meaning it's now more than double
- $30 billion - the outflow over 30 days reached this volume in June 2022, and five months later BTC found the bear market bottom at $15,500
- $14.2 billion - the current outflow, half of the June volume
What's next
- Glassnode. Analysts see a return to stablecoin volume growth as the first sign of new money flowing in.
- CryptoQuant. Allows for the possibility that a local bottom in BTC will form before USDT volume starts rising again.
What a trader should do. While there's less fuel for growth, it's worth understanding in advance how prop trading works, in the academy and choosing a challenge to match your style.
You're trading in a market that cash is leaving
$14 billion was pulled out of the market, and moves have become sharper and shorter. Your position size stays the same, so careful work brings in less than before. On an account of a couple thousand dollars, a well-executed day looks like loose change. Prop trading removes exactly this limitation: you pay for selection under the company's rules, pass it, and then work with its account with a hard loss ceiling, giving the company a share of the profit. The path from selection to the first payout is best understood before the market turns around.