TechFlow reports, cryptocurrency data analytics firm Glassnode noted in its weekly report that both on-chain and off-chain trading volumes in the crypto market have reached historic lows. Long-term Bitcoin (BTC) holders remain confident in the market, but 83.7% of short-term holders are still in unrealized loss, becoming increasingly sensitive to price volatility.
Additionally, they added that regarding stablecoins, redemptions continue for all major stablecoins except USDT, leading to a sustained decline in stablecoin supply since last April. Compared to November last year, USDC supply has decreased by $16.7 billion, while USDT supply has increased by over $13.3 billion. In the stablecoin market, USDT's share has risen to 69%, up 25 percentage points from June last year.
