Tether (USDT), the largest stablecoin, has lost $4 billion in market cap over just two months, including $870 million in the last eleven days alone. According to CryptoQuant’s analysis, this contraction ranks among the steepest on record, peaking at minus $5.72 billion on July 13. The study notes that the deepest USDT contraction phases historically corresponded to points where selling pressure was closer to exhaustion than acceleration. A bullish RSI divergence on the weekly timeframe, similar to the one that accompanied the end of the 2022 bear market, supports this thesis. Analysts anticipate the formation of a new Bitcoin macro bottom before the end of 2026.
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