A CryptoQuant report on November 10th pointed out that USDT's market capitalization decreased by $6.6 billion over the past 60 days, a drop exceeding the redemption wave that followed the FTX crash in December 2022, reflecting a continued tightening of liquidity in the crypto market. CryptoQuant believes that stablecoin supply is an important indicator of the potential purchasing power in the crypto market, and a continued decline in supply means less money is available to buy Bitcoin. Meanwhile, apparent Bitcoin demand contracted by 284,000 coins over the past 30 days, the largest drop since March 2025; the Coinbase premium index has been negative for 30 consecutive days, indicating continued weak spot demand in the US market. The report noted that similar demand contractions have previously occurred during Bitcoin's cyclical bottoming periods, but with stablecoin liquidity still contracting and US spot buying yet to recover, Bitcoin still faces the risk of further correction. https://wublock123.com/news/cryptoquant-usdt-market-cap-down-6-6b-60-days-71699