Damn, it wasn't even this bad when BTC hit 58,000!

Crypto cash reserves are disappearing at the fastest pace since 2022.
Latest Glassnode data: Over the past 30 days, stablecoin supply has shrunk by a net $14.2 billion, including a decline of about $8.3 billion in USDT.
This is the sharpest contraction in credit money since the Terra collapse in 2022.
In July 2026, when BTC fell below $58,000, stablecoin supply shrank by about $9.5 billion over 30 days. This time, the decline has ballooned to $14.2 billion!
USDT supply has fallen by $6.6 billion over the past 60 days, more than double the decline over the same period after the FTX collapse in absolute terms.
U.S. spot BTC ETFs have seen net outflows of about $1.6 billion over the past 20 trading days, while the Coinbase premium has remained negative. Institutional capital and on-chain liquidity are both weakening, so it's no wonder every rebound feels like such a struggle.