$10B worth of stablecoins withdrawn from exchanges in the past 6 months Insights Stablecoins
$10B worth of stablecoins withdrawn from exchanges in the past 6 months
Almost $10B worth of stablecoins withdrawn from exchanges in the past six months, 70% of the withdrawals occurred due to selling off in BUSD.
Definitions
The total amount of coins held on exchange addresses, STBL is a virtual asset that aggregates the data of all ERC20 stablecoins supported on Glassnode — thereby creating a metric that sums up all exchange balances across stablecoins.
Stablecoins included are BUSD, GUSD, HSUD, DAI, USDP, EURS, SAI, sUSD, USDT, and USDC.
Quick Take
- Almost $10B worth of stablecoins have been withdrawn from exchanges in the past six months.
- 70% of the withdrawals occurred due to selling off in BUSD.
- Stablecoin balance on exchange was worth, at its peak, almost $45B.
Definitions
The Stablecoin Supply Ratio (SSR) is the ratio between Bitcoin (BTC) supply and the supply of stablecoins denoted in BTC, or: BTC Market cap / Stablecoin Market cap.
Glassnode uses the following stablecoins for the supply: USDT, TUSD, USDC, USDP, GUSD, DAI, SAI, and BUSD.
When the SSR is low, the current stablecoin supply has more “buying power” to purchase BTC. It serves as a proxy for the supply/demand mechanics between BTC and USD.
Quick Take
- SSR, which was at an all-time low in the fourth quarter of 2022.
- There had been a recent uptick in stablecoin deployment to suggest that this was a reason why Bitcoin went to $21k.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
Latest Insights
In this insight
BUSD is a stablecoin issued by Paxos in partnership with Binance..
Featured Data Partner
