Bitcoin has another problem on its hands: $14.2 billion in stablecoins has left circulation in just 30 days, according to a Wednesday report from Glassnode. It’s the steepest monthly withdrawal since 2022, just as buyers struggle to stop the slide.Stablecoins are the money traders usually park inside crypto before placing their next bet. When their supply shrinks, some of that money has been cashed out rather than recycled into coins. Tether trading a little below $1 adds to the uneasy picture.Glassnode said a return to growth in stablecoin supply would give traders something concrete to watch. In June 2022, roughly $30 billion vanished in 30 days. Bitcoin eventually sank to $15,500 that November.Source: GlassnodeRecent Bitcoin buyers are trapped while stocks move onBitcoin is hovering near $74,000, right inside the $73,000 to $76,000 trouble zone Glassnode flagged a week ago. That’s also below the $75,600 average entry price for people who bought during the past 155 days.These newer investors went from almost universally profitable at September’s peak to just 35% sitting on gains. Those getting out now are taking small losses on average.Here’s the catch for any rebound: around two-thirds of those newer coins were bought at higher prices, across three pockets of demand formed from August through October. The upper end reaches $83,600. A rally could bring plenty of investors back to breakeven, and some may gladly take the exit.However, there is a substantial mass of most recent purchases made between $62,000 and $66,000, which corresponds to August’s minimum price for BTC. This does not mean that the whole bull run has failed. On the contrary, September marked a new high peak after 2025 peak set by Bitcoin.Additionally, the market has still retained an increase against the $58,500 lows of June. Gaining back $77,500, which is called True Market Mean by Glassnode, would bring half of recent purchases back into profitability.It is important to mention that there was massive selling pressure since November 5 both in cryptos and stocks; however, since November 9, both the S&P 500 and the Nasdaq 100 have gained back above pre-election closings. Bitcoin has once again declined after the announcement of inflation data on November 10; however, it is now 5% below its pre-election closing.Then we’ve got the two-year Treasury yield standing at 4.75% against the Fed’s 4% policy rate, giving a spread of 75 basis points that indicates an expectation for more hikes from the Federal Reserve. This spread is nowhere close to the 244-basis-point spread observed in June 2022, and the spread continues to contract since October.ETF investors retreat as bigger wallets cautiously buyThe US-listed Bitcoin ETFs recorded losses amounting to $1.6 billion during 20 trading sessions, crossing the $1.5 billion outflows mark by Glassnode on November 9.Spot buyers from America are sure not in a hurry to bail out the situation. The metric for Coinbase Premium from Glassnode shows the price difference between trading BTC on Coinbase against trading it overseas.This metric is adjusted for Tether being traded at a discount, thus not skewing the numbers. It remained below zero throughout the whole fall, beginning in September, reaching a new low since February.Glassnode wrote, “In past rallies, the premium ran positive as US buyers paid up for Bitcoin. Today they are not.” Several positive weeks would indicate demand returning.Futures traders, however, have set up an interesting possibility. Bitcoin’s grinding decline already wiped out many leveraged bullish positions near today’s price, reducing the ammunition for another immediate liquidation chain reaction. The largest untouched downside pool is much farther away at $59,500 to $62,600.At the same time, futures open interest has rebuilt to September’s peak level even though Bitcoin is down around 15%. That points to possible new short bets.If prices rise, traders caught betting on a fall may have to buy Bitcoin to close out their positions. The biggest liquidation pocket on the upside is near $87,500.Actual exchange orders tell a similarly mixed story. Since November 5, buy orders within 5% of Bitcoin’s price have outweighed sell orders during every hour measured on Binance and Coinbase.The fattest bids are between $68,000 and $72,500, while relatively few orders stand in the way of a climb toward $84,000, aside from nearby sellers. But those aren’t guaranteed buyers. Some bids were canceled during the drop, then placed again.Buying is concentrated in larger wallets. Addresses holding 100 to 1,000 BTC and 1,000 to 10,000 BTC were the only groups scoring above 0.5 on Glassnode’s size-weighted accumulation measure last week. Both had mostly been selling through October.Wallets with less than 1 BTC, the biggest holders with more than 10,000 BTC, and every group in between were still cutting their balances. These two large-wallet groups also tried buying in late September, only to change course again.Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.