Crypto’s dollar liquidity shrank by roughly $6.66B in a week. DefiLlama’s November 7 snapshot puts dollar-pegged stablecoin circulation at $292.31B, down 2.23%. For $BTC, I’d watch that alongside any recovery in price. A smaller stablecoin base means less dollar-denominated capital circulating onchain. It doesn’t tell us how much was intended for buying BTC, or whether holders moved into bank deposits or other assets. Still, I find a rally more convincing when the funding base behind the market starts expanding too. Does stablecoin supply turn positive as BTC recovers, or does the bounce keep relying on capital already inside the system?
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