- According to CryptoQuant, USDT’s market cap has fallen by about $4 billion over 60 days.
- The 30DMA for this indicator has even reached $4.8 billion.
- Experts believe this could point to capital outflows from the market.
The rolling change in USDT stablecoin supply over the past 60 days is around $4 billion, which may indicate capital outflows from the crypto market. Onchain analyst Stacy Muur said this, citing CryptoQuant data.
Indeed, since late June 2026, this metric has been “in the red.” As of August 10, 2026, it stands at -$3.64 billion. Meanwhile, the 30-day moving average applied directly to the two-month value has reached -$4.8 billion.
Over the past 11 days, the market cap has fallen by $870 million. Also note that this metric is directly correlated with the price of bitcoin, which may point to an overall cooling of the market.
“In part, this looks like a direct outflow of funds. Some investors are swapping stablecoins for fiat currencies and exiting the crypto market entirely after bitcoin fell from its 2025 peak,” Muur noted.
Another possible reason for the decline in USDT supply is capital rotation. For example, Circle offers more yield opportunities.
However, as Muur herself acknowledged, USDC’s market cap is shrinking even faster.
Over the same 60-day period, the supply of Circle’s stablecoin fell by $2.2 billion. That is less than USDT, but more when measured against the combined market cap of these two assets.
“I think it’s simply a combination of factors. Some capital is chasing yield, some is moving back into fiat currencies, and demand for stablecoins is declining as speculative activity cools,” she concluded.
Earlier, CryptoQuant experts suggested that bitcoin could fall to $51,000.
Сообщение Over Two Months, USDT’s Market Capitalization Fell by $4B появились сначала на INCRYPTED.