CryptoQuant's November 10 report attributes the drop to tightening crypto market liquidity, with stablecoin supply serving as a key gauge of potential buying power. The firm said Bitcoin's apparent demand contracted by 284,000 BTC over the past 30 days, the sharpest decline since March 2025, while the Coinbase Premium Index stayed negative for 30 straight days, signaling weak US spot demand. CryptoQuant noted that similar demand contractions have historically coincided with local market bottoms, but falling stablecoin liquidity and no spot buying recovery leave Bitcoin at risk of a deeper correction.

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