Glassnode warns Bitcoin is running on empty amid ETF outflows and stablecoin contraction
On-chain analytics firm Glassnode warned that Bitcoin is running on empty as spot ETF outflows and a $14.2 billion monthly contraction in stablecoin supply pressure the market, even while mid-tier whales resume accumulation.
Bitcoin has dropped below its short-term holder cost basis of $75,600, leaving approximately 65% of recently purchased tokens underwater, according to Glassnode data reported by Cointelegraph. The analytics firm warned that Bitcoin is 'running on empty' amid persistent selling pressure, pointing to $73,000 as a key support level and cautioning that a sustained breach below it could trigger extended consolidation.[2][5][6]
The warning comes as crypto liquidity shows signs of severe strain from institutional exits and balance sheet drawdowns. U.S. spot Bitcoin ETFs recorded $1.6 billion in net outflows across 20 trading sessions, with CryptoSlate reporting that ETF withdrawals continued through November 10. Concurrently, overall stablecoin supply contracted by $14.2 billion over a 30-day span—the quickest decline since the June 2022 bear market. Reporting from The Block noted that USDT and USDC supplies alone plunged by nearly $11 billion over the past month, even as gold-backed tokens remained steady.[2][3][4][5][7]
Despite broader headwinds, certain whale cohorts have started stacking coins again. Glassnode observed narrow accumulation in the week leading to November 9 among wallets holding between 100 and 10,000 BTC, rebounding after selling through much of October. Meanwhile, Bitcoin's largest wallet holders continued trimming their balances. Beneath the spot market turbulence, Bitcoin options exposure stood around $33 billion, while prediction markets Kalshi and Polymarket logged millions of dollars wagered on Bitcoin's upcoming price trajectory.[1][2][3][6]
Key facts
- Glassnode warned that Bitcoin is 'running on empty' as selling pressure, ETF outflows, and a stablecoin supply drain affect the market.
- Bitcoin dropped below its short-term holder cost basis of $75,600, leaving roughly 65% of recently purchased BTC underwater.
- US spot Bitcoin ETFs logged $1.6 billion in net outflows across 20 trading sessions.
- Crypto stablecoin supply fell by $14.2 billion over 30 days, marking the sharpest contraction since the June 2022 bear market.
- Combined supplies of USDT and USDC dropped nearly $11 billion over the past month, while gold-backed tokens held steady.
- Glassnode marked $73,000 as critical support, warning that a sustained drop below it could lead to extended consolidation.
- Wallets holding 100 to 10,000 BTC accumulated coins in the week ending November 9 after paring holdings through much of October, while Bitcoin's largest wallets continued cutting exposure.
- Bitcoin options exposure stood at $33 billion, while millions of dollars were wagered on Bitcoin's next price moves on Kalshi and Polymarket.
Sources · 7 sources
- CR
CryptoSlate@CryptoSlatePost on X ·
Bitcoin’s largest wallets kept reducing holdings in the week to Nov. 9 as groups holding 100–10,000 BTC added coins, @glassnode found. Those groups spent much of October cutting holdings, and a late-September build-up did not last. via @akibablade https://t.co/kI7ONMxCsv
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 INSIGHT: Bitcoin has fallen below its short-term holder cost basis of $75,600, with roughly 65% of recently purchased $BTC now underwater, according to Glassnode. Stablecoin supply has declined by $14.2 billion over 30 days, the fastest contraction since June 2022, while US spot Bitcoin ETFs recorded $1.6 billion in net outflows over 20 sessions. Despite weakening demand, wallets holding 100 to 10,000 BTC have begun accumulating. Glassnode identifies $73,000 as a key support level, warning that a sustained break below it could signal a longer consolidation.
Open source - CR
CryptoSlateArticle ·
Bitcoin whales stack coins while ETF investors dump millions daily Glassnode's seven-day observations through November 9 show narrow accumulation, while completed ETF sessions through November 10 still record withdrawals. Read the full story on CryptoSlate Understand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Open source - TB
The BlockArticle ·
Stablecoin supply drops $14.2 billion in largest contraction since 2022 bear market USDT and USDC supply fell nearly $11 billion over the past month, while gold-backed tokens held steady.
Open source - DE
Decrypt@DecryptMediaPost on X ·
Stablecoin Drain, ETF Outflows Leave Bitcoin 'Running on Empty' https://t.co/kOH6Robhbx
Open source - BC
Bitcoin.com News@BitcoinNewsPost on X ·
🚨 Bitcoin is "running on empty," warns @Glassnode. But beneath the selling pressure, something interesting is happening: $33B in options exposure, whales quietly accumulating, and Kalshi and Polymarket stats show millions wagered on bitcoin's next move. https://t.co/KxIJJ91q87
Open source - WG
Watcher.Guru@WatcherGuruPost on X ·
JUST IN: Crypto stablecoin supply drops by $14.2 billion, largest decline since the 2022 bear market. https://t.co/3YHM6lguvk
Open source