- Stablecoin supply fell by $14.2 billion over 30 days, marking its fastest contraction since June 2022.
- Glassnode identified 59,500–62,600 as Bitcoin’s largest liquidation cluster, warning that a break below $60,000 could trigger forced selling.
- Wallets holding 100–10,000 BTC resumed accumulation, while Bitcoin remained below the $75,600 short-term holder cost basis.
Bitcoin’s slide toward $73,000 has exposed a major liquidation cluster near $60,000, while stablecoin supply records its fastest contraction since June 2022. Glassnode’s latest on-chain report also shows ETF redemptions, weak U.S. demand, and recent buyers holding losses during the latest market decline.
Stablecoin Outflows Add Pressure to Bitcoin
Glassnode reported that stablecoin supply fell by $14.2 billion over 30 days. The decline marks its fastest contraction since June 2022, reducing available cash across crypto markets. Tether also trades slightly below its $1 peg.
U.S. spot Bitcoin ETFs recorded $1.6 billion in net outflows across 20 sessions. The total crossed Glassnode’s $1.5 billion threshold for an outflow stretch on November 9. Meanwhile, the Coinbase Premium stayed negative throughout the decline from September’s high, reaching its deepest discount since February.
Bitcoin also slipped below the Short-Term Holder Cost Basis of $75,600. Only about 35% of short-term holder coins remain profitable, compared with nearly all at September’s high. Around two-thirds of these coins were bought between August and October, at prices reaching $83,600.
$60K Liquidation Cluster Draws Attention
Glassnode identified the largest liquidation cluster between $59,500 and $62,600. These leveraged long positions originated near the August low, which Bitcoin has not revisited. The analyst said a move through $60,000 could trigger forced selling.
However, most nearby long liquidation levels have already cleared. Open interest has returned to September-high levels despite Bitcoin falling about 15%, suggesting traders added short positions. The largest liquidation cluster above current prices sits near $87,500.
Large Wallets Resume Accumulation
Glassnode’s Accumulation Trend Score shows wallets holding 100–1,000 BTC and 1,000–10,000 BTC buying over the past week. Both groups had distributed coins through much of October. Other cohorts, including wallets above 10,000 BTC and those below one BTC, continue reducing balances.
Meanwhile, Binance and Coinbase order books showed buy orders outweighing sell orders within 5% of Bitcoin’s price since November 5. The largest visible bids sit between $68,000 and $72,500, while the order book remains thin up to roughly $84,000.
Glassnode also placed Bitcoin’s June low at $58,500, preserving the higher-high structure established in September. A reclaim of $75,600 would return about half of short-term holder coins to profit.
