Stablecoin supply contracts as BTC open interest rises
Stablecoin supply fell $14.2B in 30 days, the largest drop since June 2022, while BTC open interest reached multi-year highs.
What we know
The Block reports, citing Glassnode, a $14.2B contraction, with USDT and USDC shedding nearly $11B. A trader notes BTC open interest is at its highest since 2021-2023, a level that previously preceded flushes. Another trader says losing VWAP targets $71.7k.
Bitcoin (BTC/USDT)
$74,713 +18.5% · 3 mo
Sources
@TheBlockCo
“Stablecoin supply has shrunk by $14.2 billion in the past 30 days”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.