Glassnode’s November 11 report described a $14.2 billion decline in stablecoin supply over 30 days and put Bitcoin near $74,000, below the $75,600 short-term-holder cost basis. The firm also reported net outflows from U.S. spot Bitcoin ETFs. These figures describe market conditions, but do not establish what Bitcoin will do next.
Glassnode’s indicators offered a mixed picture. Its report noted weak ETF flows and a negative Coinbase premium, alongside buy orders outweighing sell orders near Bitcoin’s price and accumulation among some large-wallet cohorts.
- Stablecoin supply fell $14.2 billion in the 30 days through November 9, its fastest contraction since June 2022, according to Glassnode.
- U.S. spot Bitcoin ETFs recorded $1.6 billion in net outflows over 20 sessions through November 9.
- Bitcoin was near $74,000, below the $75,600 short-term-holder cost basis reported by Glassnode.
- About 35% of short-term-holder coins were in profit, compared with nearly all of them at September’s high.
- Glassnode reported buy orders outweighing sell orders near price and accumulation by wallets holding 100 to 10,000 BTC. Other wallet cohorts were still reducing holdings.
Timeline of reported developments
- September 1, 2026: Wells Fargo announced that 21 international financial institutions had committed, subject to closing conditions, to establish a company for a stablecoin solution. The bank targeted a market launch in the first half of 2027.
- September 24, 2026: The Federal Reserve requested public comment on proposed rules for payment-stablecoin issuers it supervises. The proposals address reserve assets, standardized capital requirements and risk-management standards.
- November 5, 2026: A sell-off hit stocks and Bitcoin, according to Glassnode. The firm later reported that buy orders outweighed sell orders near Bitcoin’s price after that day’s sell-off.
- November 9, 2026: The 30-day stablecoin-supply measurement and the ETF flow period covered in Glassnode’s report ended. Bitcoin had moved into the $73,000 to $76,000 range the firm had flagged the prior week.
- November 11, 2026: Glassnode published its assessment of the stablecoin contraction and ETF outflows, alongside its data on holders and order activity.
Background: why Bitcoin ETF outflows matter
The $14.2 billion figure measures a change in total stablecoin supply. It is not a direct tally of Bitcoin sales, and the supplied data does not establish where every removed or redeemed dollar went. The ETF figure measures a separate channel: Glassnode counted $1.6 billion in net outflows from U.S. spot Bitcoin ETFs over 20 sessions through November 9.
Glassnode described that outflow stretch as shallow compared with past ones. It also said that, historically, ETF inflows returned only after Bitcoin had made its low. That is historical context from the report, not a forecast or confirmation that a market bottom has formed.
The report’s indicators should be read with their stated scope. Stablecoin supply and ETF flows are different measures, while the firm’s holder and order-flow observations provide other parts of its market assessment. None of those measures alone establishes the direction of Bitcoin’s next move.
Reactions and market signals
Glassnode said Bitcoin’s 30-day-average Coinbase premium stayed negative throughout the decline from September’s high, with the discount at its deepest since February. The firm uses the premium as an indicator of U.S. investor demand. It also reported buy orders outweighing sell orders near price after November 5 and accumulation by wallets holding 100 to 10,000 BTC. Other wallet cohorts were still reducing holdings.
Those observations sit alongside ETF outflows and the negative Coinbase premium in Glassnode’s report. The firm also said most nearby leveraged-long liquidation levels had been cleared. Its report presents these as counterpoints to the bearish flow data, rather than evidence that all holders were buying or that market pressure had ended.
CoinGecko’s market snapshot, timestamped November 12, 2026, at 00:13 UTC, put Bitcoin at $73,807. The price was up 0.27% over 24 hours but down 8.27% over seven days and 9.9% over 30 days. The timestamp falls just after November 11, so this is a subsequent snapshot, not a November 11 close.
| Measure | Reading | As of |
|---|---|---|
| Bitcoin price | $73,807 | November 12, 2026, 00:13 UTC |
| Stablecoin supply change | -$14.2 billion over 30 days | Through November 9, 2026 |
| U.S. spot Bitcoin ETF net flows | -$1.6 billion over 20 sessions | Through November 9, 2026 |
Glassnode also compared Bitcoin’s weakness with stocks after the November 5 sell-off. It said the S&P 500 and Nasdaq 100 recovered above their election-day closes after November 9, while Bitcoin fell again after the November 10 CPI release and remained about 5% down, according to its report.
Outlook: what to watch next
Glassnode said a sustained move below $73,000 would point to a longer consolidation. It said a close below the June low of $58,500 would undo the trend change it identified as beginning in August. These are the firm’s analytical thresholds, not certain price outcomes. Glassnode described September’s high as the first higher high since Bitcoin’s 2025 all-time high.
Further data on ETF flows, stablecoin supply and Bitcoin’s position relative to the range identified by Glassnode can help readers follow the report’s indicators. The bank-led stablecoin company and the Federal Reserve’s proposed rules are separate developments. Neither announcement establishes that additional liquidity will reach crypto markets.
The report presents several measures that point in different directions: stablecoin supply contracted, ETF flows were negative, and some wallets accumulated while other cohorts reduced holdings. The evidence supports describing those conditions, but not a certain conclusion about Bitcoin’s next price move.
FAQ
Why are Bitcoin ETF outflows important?
They measure net outflows from U.S. spot Bitcoin ETFs, as reported by Glassnode. The firm’s report treats ETF flows as one demand-related measure, alongside other indicators. The figure does not determine Bitcoin’s price on its own.
Does falling stablecoin supply mean investors sold Bitcoin?
No. The $14.2 billion figure measures a change in total stablecoin supply, not a direct tally of Bitcoin sales. The report does not establish where every removed or redeemed dollar went.
What levels is Glassnode watching?
Glassnode said a sustained move below $73,000 could point to longer consolidation, while a close below $58,500 would undo the trend change it identified. These are analytical markers, not certain outcomes.
Sources
- Stablecoin Drain, ETF Outflows Leave Bitcoin 'Running on Empty' (Decrypt)
- Running on Empty (research.glassnode.com)
- Group of leading international financial institutions to establish stablecoin enterprise (newsroom.wf.com)
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.
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