Bitcoin is "running on empty" as stablecoin drain and ETF outflows pull liquidity from the bid. The prediction market in the article shows November low odds of 2% at $55k and 17% at $65k, so the downs

What happened: Total stablecoin supply fell by $14.2 billion over the 30 days through Nov. 9, the fastest contraction since June 2022, per Glassnode. U.S. spot Bitcoin ETFs saw about $1.6 billion in net redemptions. Key numbers: $14.2 billion stablecoin supply drop; supply just below $280 billion; about $1.6 billion ETF net redemptions over 20 sessions; short-term holder cost Why it matters: Glassnode said the shrinking supply leaves less fuel for a rally, and Bitcoin fell below the short-term holder cost basis. The firm flagged $73,000 as key support and noted leverage has been flushed.

Total stablecoin supply fell by $14.2 billion over the 30 days through Nov. 9, the fastest contraction since June 2022, per Glassnode. U.S. spot Bitcoin ETFs saw about $1.6 billion in net redemptions.

Glassnode said the shrinking supply leaves less fuel for a rally, and Bitcoin fell below the short-term holder cost basis. The firm flagged $73,000 as key support and noted leverage has been flushed.