More than $14.2 billion in stablecoins left the market over the past four weeks, pushing their total capitalization below $300 billion, its lowest level in 14 months. At the same time, USDT traded below $1, indicating a weakening in its purchasing power. Spot demand for bitcoin remained weak while long and short liquidations increased, keeping the price within a range of $60,000 to $87,000. U.S. spot bitcoin ETFs also recorded net outflows of $1.60 billion over 20 trading sessions, alongside $144.81 million in ethereum ETF outflows and $5.85 million in solana ETF outflows. A broader market recovery therefore appears difficult without fresh capital, which would first be reflected by renewed growth in stablecoin market capitalization.
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