Holy crap, even the 58,000 drop wasn't this bad! Cash reserves in the crypto world are disappearing at the fastest rate since 2022. Latest data from Glassnode: In the past 30 days, the net supply of stablecoins has shrunk by $14.2 billion, with USDT alone decreasing by approximately $8.3 billion. This is the most severe contraction in fiat currencies since the Terra crash in 2022. In July 2026, when BTC fell below $58,000, stablecoins shrank by approximately $9.5 billion in 30 days. This time, it has expanded to $14.2 billion! USDT has decreased by $6.6 billion in the past 60 days, more than double the amount lost during the same period after the FTX crash. The US spot BTC ETF has seen a net outflow of approximately $1.6 billion in the last 20 trading days, the Coinbase premium has remained negative, and both institutional funds and on-chain liquidity have weakened simultaneously. No wonder every rebound has been so difficult.