In our new report with NOWPayments, we look at how stablecoins are used for payments.

We deep dive into how USDT and USDC move on-chain and provide some practical guidance to merchants that accept stablecoin payments.

Read the full report 👈

Bitcoin has been grinding down and stablecoin supply is shrinking fast; the fastest contraction since June 2022.

Our latest Week On-chain report contains eight more analyses, including cost basis, ETF flows, wallet accumulation and much more.

Bitcoin's biggest liquidation cluster sits near $60k.

These are longs opened near the bottom, and price has not tested their entries since it shot up in August.

Patient buyers have often found opportunity in forced selling, and a sweep of $60k would create plenty of it.

US demand for $BTC has gone quiet.

The Coinbase premium has been below zero through the whole slide from the September high. Its 30-day average is the deepest since February.

The rallies of 2024 and 2025 all ran with a premium, and several started from discounts this deep.

Hyperliquid whales just flipped back to net long on $BTC.

Over the last two weeks they were short; their first short exposure since early 2026.

They were short from the top and long through the whole August pump.

Will they be right again this time?

Stablecoin supply is shrinking fast.

It fell by $17B over the last month, the steepest drop since 2022.

As holders swap stables to fiat they drain buying power from $BTC and crypto.

For a bull market to happen, capital needs to enter, not leave the ecosystem.

$BTC price is approaching a massive liquidation cluster.

The August breakout left behind these long entries. Markets tend to gravitate toward spots of fragility such as this.

After weeks of selling, this could be the accelerant for a final capitulation flush.