Bitcoin slipped below $75,600 as stablecoin supply fell $14.2 bn in 30 days, the fastest drop since June 2022, and U.S. spot ETFs recorded $1.6 bn net redemptions.

Bitcoin entered a period of weakness on Nov 9, 2026, as the cryptocurrency fell to around $73,000, slipping beneath the average cost basis of short‑term holders estimated at $75,600. The move coincided with a $14.2 bn contraction in total stablecoin supply – the fastest shrinkage recorded since June 2022, according to on‑chain analytics firm Glassnode.

Stablecoin outflows drain crypto liquidity

Stablecoins, primarily pegged to the U.S. dollar, act as cash on crypto exchanges. When their supply contracts, holders are redeeming tokens for fiat, pulling capital out of the ecosystem. Glassnode noted that the total stablecoin supply now sits just under $280 bn, down from roughly $294 bn a month earlier. This outflow reduces the “fuel” for buying Bitcoin and other assets, explaining why the market lacks upward momentum.

The contraction reflects broader shifts in the financial landscape. Traditional banks such as Goldman Sachs, Citi and Deutsche Bank have launched a $270 million initiative to challenge dominant stablecoin issuers, while the Federal Reserve introduced new reserve‑and‑capital rules for stablecoins. These developments encourage institutions to keep cash on‑balance‑sheet rather than in crypto‑linked tokens, accelerating the drain.

ETF redemptions add pressure on demand

U.S. spot Bitcoin exchange‑traded funds (ETFs) recorded about $1.6 bn of net redemptions over 20 trading sessions through Nov 9, 2026. The outflows signal waning investor appetite for regulated Bitcoin exposure, complementing the on‑chain liquidity squeeze. The redemptions also pushed the Coinbase‑based Bitcoin price index, a proxy for U.S. demand, lower.

CryptoQuant reported that more than $3.6 bn of Bitcoin moved to exchanges in the same period, suggesting that large holders may be preparing to sell at a loss. Yet, Glassnode observed that leveraged long positions have largely been flushed out, and wallets holding between 100 and 10,000 BTC have started to accumulate, hinting at a potential bottom‑building phase.

Read also: Market overview: Fed rate‑hike bets push gold below $4,000 and widen AUD‑USD gap

Technical outlook and key levels

Glassnode highlighted $73,000 as a critical support zone. As long as Bitcoin remains above its June 2026 low, the broader downtrend that began in August appears intact. The order book currently shows more buy orders than sell orders, which could help stabilize price if sellers exhaust their supply.

Traders will watch the $70,000 psychological barrier and the $75,600 short‑term holder cost basis. A break below $70,000 could trigger further stop‑loss orders and deepen the decline, while a rebound above $75,600 might restore confidence among recent buyers.

What to monitor next

Upcoming data points include the next weekly stablecoin supply report from Glassnode, expected on Nov 16, 2026. Any reversal to net inflows would be the first sign of fresh capital returning to the market. Additionally, the Federal Reserve’s final stablecoin regulatory framework, slated for release in early December, could reshape the supply dynamics.

• Nov 9, 2026 – Bitcoin near $73,000; short‑term holder cost basis $75,600
• 30‑day stablecoin supply drop $14.2 bn (fastest since June 2022)
• U.S. spot Bitcoin ETF net redemptions $1.6 bn over 20 sessions
• Key technical support $73,000; psychological barrier $70,000

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This article is compiled from international market news for information only. It is not investment advice.