The rolling change in the supply of the stablecoin $USDT over the past 60 days is within a $4 billion range, which may indicate capital outflow from the crypto market. This was stated by on-chain analyst Stacy Muir, citing data from CryptoQuant.
Indeed, since the end of June 2026, this indicator has been 'in the red.' As of August 10, 2026, it stands at -$3.64 billion. Meanwhile, the 30-day moving average, applicable directly to the two-month figure, has reached -$4.8 billion.
In the last 11 days alone, the market cap has decreased by $870 million. Also note that this indicator is in direct correlation with the price of Bitcoin, which may point to a general cooling of the market.
"Part of this looks like a direct outflow of funds. Some investors are exchanging stablecoins for fiat currencies and completely leaving the cryptocurrency market after the price of Bitcoin fell from its 2025 peak," noted Muir.
Another possible reason for the decrease in $USDT supply is capital rotation. For example, Circle offers more opportunities in terms of yield.
However, as Muir herself acknowledged, the market capitalization of $USDC is shrinking even faster.
Taking the same 60-day period, the supply of Circle's stablecoin has decreased by $2.2 billion. This is less compared to $USDT, but more if we consider the total market capitalization of both these assets.
"I think it's just a combination of factors. Part of the capital is seeking yield, part is returning to fiat currencies, and the demand for stablecoins is decreasing as speculative activity cools down," she summarized.
Previously, CryptoQuant experts allowed for the possibility of Bitcoin falling to $51,000.
