Watching USDT supply more than price right now, and the 60-day growth flipped negative for the first time since Q3 2023.

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When stables start shrinking, that’s liquidity actually leaving the system, and BTC rarely sustains upside in that regime. The last few times this happened, we got 1–2 months of chop before a local bottom formed.

So either we’re heading into a fragile sideways grind, or we’re in the early innings of a deeper reset before the liquidity switch flips back on.

© CryptoQuant