Bitcoin hits 83-day low as stablecoin supply shrinks
Bitcoin fell over 3% to an 83-day low while stablecoin supply dropped $14.2B in 30 days, the fastest decline since June 2022. Traders are turning more bearish on year-end targets.
What we know
Traders noted Bitcoin made an 83-day low and was down over 3% on the day. An analyst flagged that stablecoin supply fell $14.2B in 30 days, the quickest drop since June 2022, which preceded Bitcoin's cycle low five months later. One trader relayed that a large BTC holder expects a trend into the lows by year-end, possibly the $40Ks, while a technical trader said the consolidation has become 'down only'.
What people are posting
Posts on X this story draws on. They are individual users' views and have not been verified by Global Eye 24.
“Stablecoin supply just fell $14.2 billion in 30 days.”
View post →“its just down only”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.