The market capitalization of the stablecoin USDT has decreased by approximately $4 billion over the last 60 days, according to data from CryptoQuant. The 30-day moving average of this metric reached -$4.8 billion. Experts believe this may indicate a capital outflow from the cryptocurrency market. Since the end of June 2026, the market capitalization of USDT has been in the negative, amounting to -$3.64 billion as of August 10, 2026. Over the past 11 days, the capitalization has decreased by $870 million, correlating with the price of Bitcoin, indicating a cooling of the market. Some investors are exchanging stablecoins for fiat currencies, leaving the crypto market after Bitcoin's decline from its peak in 2025. Another reason for the reduction in USDT supply may be capital rotation, as Circle offers more opportunities in terms of yield. The supply of the stablecoin USDC has decreased by $2.2 billion over the same period, which is less than that of USDT but greater in the context of the total capitalization of both assets. CryptoQuant experts previously suggested a drop in Bitcoin to $51,000.
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Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, has published a new essay arguing that the decade-long era of yen weakness is approaching a turning point and that the specific mechanism he expects to be used to reverse it carries direct implications for Bitcoin and gold.




























Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, has published a new essay arguing that the decade-long era of yen weakness is approaching a turning point and that the specific mechanism he expects to be used to reverse it carries direct implications for Bitcoin and gold.