Bitcoin Traded Below Short-Term Holder Cost Basis Amid Stablecoin Contraction

Bitcoin (BTC) traded near $74,000 on Nov. 11, below the Short-Term Holder Cost Basis, as stablecoin supply contracted by $14.2 billion and U.S. spot Bitcoin ETFs posted net outflows.

The price reading came at 6 a.m. ET (11:00 UTC). The $75,600 benchmark estimates the average price paid for coins acquired in the previous 155 days, the period used to define short-term holders. About 35% of the coins in that group were in profit.

Stablecoin supply fell by $14.2 billion over the 30 days ending Nov. 9, its sharpest contraction since June 2022. Stablecoins are crypto assets designed to maintain a stable value.

“A shrinking supply means holders are redeeming stablecoins for dollars and taking that cash out of the market,” Glassnode wrote. That is an interpretation of the contraction: the supply total alone does not identify where tokens went or quantify how much cash left crypto.

U.S. spot Bitcoin ETFs had net outflows of $1.6 billion across the 20 trading sessions ending Nov. 9. The outflows and the stablecoin decline are separate measures; together, they point to softer demand and liquidity, but do not establish that one caused the other.

Wallets holding between 100 and 10,000 BTC accumulated over the prior week. Other wallet groups continued reducing their holdings, leaving a mixed picture of activity among larger holders.

The measures track different parts of the market. The cost basis compares Bitcoin’s price with estimated acquisition prices for a recent cohort, ETF flows show net movement into or out of funds, and stablecoin supply measures the value of a separate category of crypto assets. Their reporting windows also differ: the price snapshot was from Nov. 11, while the stablecoin and ETF totals ran through Nov. 9.

Roughly $1 billion in ETF withdrawals over the prior two weeks had already accompanied cooling demand. The Nov. 11 figures add the latest 20-session ETF total alongside the stablecoin contraction and Bitcoin’s position below the short-term holder benchmark.