Stablecoin supply falls $14.2B in a month as bitcoin drops to $71,312

Glassnode's measure of dollar liquidity inside crypto shrank while bitcoin lost 10.2% over the week, and Strategy leaves the MSCI USA index on 30 November.

Nonce

Bitcoin and Mining

Published November 13, 2026

Key takeaways

Glassnode estimates the 11 largest dollar stablecoins lost $14.2 billion in supply over the month.
Bitcoin traded at $71,312 on 12 November, down 3.2% in 24 hours and 10.2% over the week.
USDT in circulation fell to $175.7 billion from $184.1 billion a month earlier.
MSCI will remove Strategy from the MSCI USA index after the close on 30 November.
Strategy holds 850,364 BTC and bought 1,036 more between 2 and 8 November.

Dollar liquidity inside crypto shrinks

The supply of the 11 largest dollar-pegged stablecoins fell by $14.2 billion over the past month, according to an estimate by Glassnode published on 12 November. Glassnode adds up those tokens across all networks and calls the total dollar liquidity inside the crypto market.

The decline came from token redemptions and withdrawals, the firm said. Tether's USDT alone stood at $175.7 billion in circulation, down from $184.1 billion a month earlier.

Glassnode states directly that fewer dollars inside the market means less money available to buy crypto assets. The contraction coincided with bitcoin trading below the average purchase price of investors over the past 155 days, which the data put at $75,600.

Bitcoin at $71,312, ether down 16.1% on the week

Bitcoin lost 3.2% in 24 hours and traded at $71,312, with data as of 18:15 Moscow time on 12 November. Ether fell 16.1% over the week, and bitcoin was down 10.2% over the same period.

The 10-year U.S. Treasury yield reached 5.00%, based on closing data from 11 November. The crypto fear and greed index stood at 28 out of 100.

Derivatives pointed to a calm retreat rather than a sharp sell-off. The funding rate paid by traders holding leveraged long bitcoin positions was 0.0081% per eight hours, against a usual 0.01%. Among the ten most traded options contracts with less than a month to expiry, six protect against a price decline, and the volume of that protection exceeded bets on gains by 1.13 times.

Strategy exits MSCI USA after 30 November

MSCI's November review placed Strategy on the list of companies to be removed from the MSCI USA index, with the change effective after the close of trading on 30 November. It is the first application of a new rule under which companies whose assets are mostly non-core fail the test on four of five financial metrics.

Trading in Strategy shares on Nasdaq continues. The company bought 1,036 BTC for $81.9 million between 2 and 8 November, at $79,012 per coin, and holds 850,364 BTC bought at an average of $75,456. Over the same week it sold $283.8 million of its own shares.

Funds that track MSCI USA will have to adjust their portfolios to the new index composition after 30 November. Index funds had been one source of demand for Strategy's stock.

Small private demand on Moscow Exchange

On the Moscow Exchange ranking of private investors' open positions in perpetual futures, the BTCUSDF contract ranked last with a 0.3% share, against 39.1% for the yuan and 24.8% for the dollar. Open positions in the contract reached almost 800 million rubles by the end of October.

The contract launched on 22 September and is available only to qualified investors. Individuals traded 8.1 trillion rubles on the exchange's derivatives market in October.

From 17 November, non-qualified resident investors in Russia will be able to buy bitcoin, ether and USDT through a broker or crypto exchange, with a limit of 300,000 rubles per calendar year. The Moscow Exchange plans to start pilot trading on 1 December.

Other developments

Tron, Tether and Chainalysis announced a Digital Crime Task Force to look for suspicious USDT transactions on the Tron network and help law enforcement trace funds.

Ledger said its standard Clear Signing module sends transaction details to its servers by default to look up a contract description. The wallet developer, not the device owner, chooses the lookup method.

Bitcoin Core disclosed a vulnerability that prevented a node from assembling new blocks after a chain reorganisation; fixes were released in October 2025.

Frequently asked questions

What does Glassnode mean by dollar liquidity inside the crypto market?

It is the combined supply of the 11 largest dollar-pegged stablecoins across all networks, which Glassnode tracks as a measure of dollars available inside crypto.

When does Strategy leave the MSCI USA index?

The removal takes effect after the close of trading on 30 November, following MSCI's November review.

This story is for information only. It is not financial, investment or legal advice. Disclaimer

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