CryptoQuant Says USDT Market Cap Fell $6.6 Billion in 60 Days, Shrinking Faster Than After FTX
Minseung Kang
Summary
- CryptoQuant said the market capitalization of stablecoin Tether (USDT) has fallen by $6.6 billion over the past 60 days.
- It said the contraction was faster, at more than double the decline in USDT market capitalization recorded in December 2022.
- CryptoQuant said growth in stablecoin supply had supported the digital-asset market's rally and liquidity during this cycle, but is now receding.
Forecast Trend Report by Period
The supply of Tether's USDT is shrinking faster than it did immediately after the FTX collapse, CryptoQuant said.
On November 10, the on-chain analytics firm wrote on X that USDT's market capitalization has fallen by $6.6 billion over the past 60 days. That is more than double the decline recorded in December 2022.
CryptoQuant said growth in stablecoin supply has supported gains in the digital-asset market during this cycle. It added that the liquidity that had underpinned the market's rise is now receding.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.