TL;DR:
- Apparent Bitcoin demand decreased by 284,000 BTC over the past 30 days, registering its largest contraction since March 2025.
- Tether’s (USDT) market capitalization dropped by $6.6 billion over a 60-day span.
- The Coinbase Premium Index completed 30 consecutive days in negative territory as of November 10, 2026.
Bitcoin demand registered a contraction of 284,000 BTC over the past 30 days following a sustained capital outflow in stablecoins. As reported by analytics firm CryptoQuant on November 10, 2026, the reduction in available liquidity coincides with a weakening of spot purchases on major exchanges.
Tether supply is shrinking faster than it did after FTX.
USDT market cap is down $6.6B in 60 days, more than double the December 2022 drop.
Stablecoin growth funded every rally this cycle. That fuel is draining. pic.twitter.com/WxQNDdwZER
— CryptoQuant.com (@cryptoquant_com) November 10, 2026
The technical report detailed that USDT’s market capitalization dropped $6.6 billion over 60 days. According to CryptoQuant researchers, this supply reduction exceeds twice the outflows recorded in December 2022 following the FTX collapse.
In derivatives and institutional purchasing markets, traders use USDT balances as the primary liquidity reserve to position themselves in risk assets. According to the reading provided by the analytics firm, the pullback in stablecoin supply suggests that a portion of the capital has left the operational trading circuit, limiting the purchasing power available to absorb the circulating coin supply.
As of November 10, 2026, Bitcoin accumulated a 9% depreciation over a 30-day period and stood 15% below its local peak of $87,400 reached in September.
The CryptoQuant report attributed this selling pressure to profit-taking following the September rally, the U.S. Federal Reserve’s restrictive stance, the security incident affecting the Binance platform, and the results of the United States midterm elections.
Data from the firm also indicated that the Coinbase Premium Index remained in negative values for 30 uninterrupted days. The entity interpreted this metric as a direct reflection of the absence of buying appetite from spot investors located in the U.S. jurisdiction.
On-Chain Indicators and Technical Market Levels
The Bull Score Index prepared by CryptoQuant, designed to measure the technical and operational strength of the network, dropped from a reading of 90 points on October 13 to 20 points on November 10. This variation placed the indicator within its range classified as extreme bearish.
The firm qualified the scope of this measurement by recalling that the index reached that same level of 20 points in April 2025 following the imposition of commercial tariffs in the United States, at which point it recovered 80 points over a two-month period after consolidating a market floor.
The profitability study on recent holders revealed that investors who acquired positions between one and three months ago are in negative territory. Their unrealized profit margin fell from 33% on September 22 to stand at -6% on November 10. Historically, according to data documented by CryptoQuant, this indicator has touched -12% levels in corrective phases within previous bull cycles.
On the charting and technical plane, the Bitcoin price traded below its 365-day simple moving average, located at $76,400.
According to projections by CryptoQuant technical analysts, the 200-day moving average situated around $73,200 presents itself as the most relevant immediate support. The firm pointed out that a documented breach of that threshold could expose the asset to a more prolonged correction.
Meanwhile, independent market analysts shared divergent readings on public platforms. Technical trader Lennaert Snyder reported that the price tested the previous weekly low of $73,500 following the release of U.S. consumer inflation data above estimates. Snyder suggested that the range between $78,000 and $80,000 could function as a resistance area in the event of a technical bounce.
In contrast, analysts such as Freedom By 40 noted the appearance of bullish divergences on charts across various timeframes, identifying the $71,000 zone as a potential support level corresponding to the 0.5 Fibonacci retracement. Concurrently, market analyst Mister Crypto observed the breakout of a descending wedge on two-week candles, comparing the structure to technical patterns observed during 2023.
The attention of trading desks and researchers remains fixed on the upcoming publication of institutional flow data in U.S. Bitcoin exchange-traded funds (ETFs) and the evolution of Tether’s weekly issuance balance.
