The Glassnode weekly report says Bitcoin is under pressure, with stablecoin supply shrinking by 14200000000 USD over the past 30 days
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AT A GLANCE
The Glassnode weekly report says the Bitcoin pullback is accompanied by stablecoin supply contraction and ETF net outflows, while observations such as leverage flush-out and whale accumulation also appear.
Article
Glassnode Weekly Report: The "running out of fuel" crisis and whale activity amid the Bitcoin pullback
Bitcoin fell to around 74000 USD, dropping below the 75600 USD short-term holder cost basis and underperforming US stocks. Over the past 30 days, stablecoin supply shrank by 14200000000 USD, the fastest since June 2022; US spot ETFs turned to net outflows, and the Coinbase negative premium deepened. However, long leverage has been largely flushed out, order book bids are thicker than asks, and two major whale wallet clusters have resumed accumulation.
The report headline says the content is the Glassnode weekly report.
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The report says Bitcoin fell to around 74000 USD, dropping below the 75600 USD short-term holder cost basis and underperforming US stocks.
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The report says stablecoin supply shrank by 14200000000 USD over the past 30 days, the fastest since June 2022.
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The report says US spot ETFs turned to net outflows, and the Coinbase negative premium deepened.
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The report says long leverage has been largely flushed out, order book bids are thicker than asks, and two major whale wallet clusters have resumed accumulation.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This weekly report summary juxtaposes market pressure signals (price decline, stablecoin supply decrease, ETF net outflows, and a deepening negative premium) with observations that may cushion the pressure (long leverage flush-out, thicker bids, and whale cluster accumulation).
Why it matters to readers
These indicators involve Bitcoin price, market funding conditions, and trading activity; the summary presents both weak signals and signals that may cushion the decline, and no single one of them alone can determine the subsequent trend.
The short-term holder cost basis is a cost metric the report uses to compare with the current price; net outflow means the ETFs described in the report had more outflows than inflows. The summary does not provide the specific calculation methodology for these indicators.
Risks and unknowns
The material is a paraphrase of the Glassnode weekly report and does not include the original weekly report or independent verification.
The statistical methodology and cutoff date of the relevant data are not specified.
No breakdown of stablecoin supply changes by coin or verification of capital flows is provided.
The summary does not provide subsequent price trends or causal verification among these indicators.
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Related concepts
Short-term holder cost basis
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