# CryptoQuant says USDT market cap is down $6.6 billion in 60 days, a larger dollar drop than in December 2022
Published: 2026-11-11
Author: Keshav Aggarwal
Produced: drafted with AI help from the sources it names, then checked and edited by Keshav Aggarwal.
URL: https://investin.news/originals/cryptoquant-usdt-market-cap-6-6-billion-december-2022

CryptoQuant’s chart marks a $6.6 billion USDT market-cap decline over 60 days, against $3.2 billion in December 2022. Independent data broadly supports the scale, but the current fall is smaller as a share of supply.

In short

- CryptoQuant said on 10 November 2026 that the USDT supply drop reached $6.6bn in 60 days, more than double the post-FTX fall.
- InvestIn.News checked CoinGecko and DefiLlama; they show declines of $6.60bn and about $6.41bn to $6.43bn over similar windows.
- The drop is smaller as a share of supply: about 3.5% now versus about 4.6% in December 2022.
- USDC fell about $4.0bn and total USD-pegged stablecoins about $10.6bn, with nearly all USDT decline on Ethereum.

### CryptoQuant's $6.6bn USDT claim

CryptoQuant said on X at 19:58 IST (14:28 UTC) on 10 November 2026 that the USDT supply drop reached $6.6bn in 60 days, more than double the $3.2bn fall it recorded after FTX in December 2022. USDT is a dollar-pegged stablecoin, a digital token designed to hold a $1 price. InvestIn.News checked CoinGecko and DefiLlama: CoinGecko shows a $6.60bn decline from 9 September to 8 November, and DefiLlama shows about $6.41bn to $6.43bn for 60-day windows ending 7 to 8 November.

CryptoQuant is an on-chain data analytics platform; it published the USDT figures in a post on X on 10 November 2026.

> Tether supply is shrinking faster than it did after FTX. USDT market cap is down $6.6B in 60 days, more than double the December 2022 drop. Stablecoin growth funded every rally this cycle. That fuel is draining. pic.twitter.com/WxQNDdwZER (CryptoQuant.com @cryptoquant_com · 10 Nov 2026 · View on X)

The wider market was lower at the same time. Bitcoin traded at $73,261, down 2.41% in 24 hours, and the total crypto market value was $2.46tn, down 2.68%, according to InvestIn.News market data at 16:01 UTC on 10 November 2026. The Crypto Fear & Greed Index stood at 32, in the fear zone.

### Is this USDT supply drop worse than after FTX?

In dollar terms, the current drop is bigger. But as a share of supply it is not. USDT is now roughly $177bn, about 2.7 times larger than the $66.3bn at the end of 2022, according to DefiLlama data. That makes the current decline about 3.5% of supply, against about 4.6% in December 2022. CryptoQuant's 'largest' label only covers its chart series beginning in 2022; DefiLlama shows a much larger roughly $16.9bn, 20% 60-day fall around 1 July 2022 after Terra.

### Where did the USDT go?

The fall was not a simple shift from Ethereum to Tron. Nearly all of the USDT decline was on Ethereum, while Tron USDT stayed roughly flat near $92.3bn, DefiLlama data showed. Over comparable 60-day windows, USDC fell about $4.0bn and total USD-pegged stablecoin supply fell about $10.6bn. That suggests the contraction touched more than one stablecoin, rather than a move between blockchains.

### What the drop means for stablecoin users

For users, the supply data measures how many tokens exist, not whether anyone failed to redeem. CryptoQuant's reading that stablecoin growth has been a key source of funding for market rallies, and that this 'fuel is draining', is its interpretation, not proven causation. No response from Tether or Paolo Ardoino to this specific claim had been found as of 10 November 2026.

### How X users replied to the USDT data

- Darkfost (@Darkfost_Coc) said on X that the USDT market cap was almost three times bigger than in 2022, which is the denominator point behind the percentage caveat.
- Pashak (@pashak17) said on X that nearly all the decline was on one chain, with Ethereum USDT down from $73.7bn to $67.3bn in 60 days and Tron flat at $92.3bn, citing DefiLlama.
- CRYPTOKRALI (@CRYPTOKRALI3) said on X that USDT alone cannot measure liquidity across the entire stablecoin market.
- Cristi (@CristiWeb3) said on X that sentiment was way worse than post-FTX, an opinion rather than data.
- Doc (@DrCrypto47) said on X that cash leaves before it comes back, describing the pullback as how a base gets built.
- GingerCat (@gingercat_labs) said on X to net USDT against USDC and watch exchange stablecoin reserves, not market cap. The account is three days old, and its claim that 250M USDC was minted within the hour is unconfirmed; comparable 60-day data show USDC down about $4.0bn and total USD-pegged stablecoins down about $10.6bn.

> Yes but tether cap was not at the same level. Today It is almost 3 time bigger than 2022 ! (Darkfost @Darkfost_Coc · 10 Nov 2026 · View on X)

> Almost all of it is one chain. USDT on Ethereum went from $73.7B to $67.3B in 60 days and Tron is flat at $92.3B (DefiLlama). It's also about 4% of supply, a smaller cut than the 5.2% after FTX. (Pashak | what the number measures @pashak17 · 10 Nov 2026 · View on X)

> usdt alone cannot measure liquidity across the entire stablecoin market (CRYPTOKRALI©️ @CRYPTOKRALI3 · 10 Nov 2026 · View on X)

> The same thing happened with the sentiment, way worse than post-FTX. (Cristi ⚡️ @CristiWeb3 · 10 Nov 2026 · View on X)

> Cash leaves before it comes back.. that's how the base gets built.... (Doc @DrCrypto47 · 10 Nov 2026 · View on X)

> before calling it fuel draining, net it against USDC: 250M USDC just got minted at Treasury within the hour. if combined supply is flat, it's a rotation to regulated rails, not capital leaving. the real tell is exchange stablecoin reserves, not mcap (GingerCat | Crypto, Explained @gingercat_labs · 10 Nov 2026 · View on X)

### USDT contraction figures at a glance

| What | Figure |
| USDT 60-day decline on CryptoQuant chart | $6.6bn (7 November 2026) |
| USDT decline after FTX | $3.2bn (31 December 2022) |
| Current USDT supply | roughly $177bn |
| USDT supply at end-2022 | $66.3bn |
| USDC 60-day decline | about $4.0bn |
| Total USD-pegged stablecoin decline | about $10.6bn |

### USDT supply decline: key questions

#### Is the USDT supply drop worse than after FTX?

In dollars, CryptoQuant reports $6.6bn against $3.2bn, more than double. As a share of supply it is smaller: USDT is roughly $177bn now versus $66.3bn at end-2022, a decline of about 3.5% against about 4.6% in December 2022.

#### Should USDT holders worry about redemptions?

The data measures supply, not whether anyone failed to redeem. As of 10 November 2026, no response from Tether or Paolo Ardoino to the CryptoQuant post had been found.

#### Where did the USDT supply fall come from?

Nearly all the USDT decline was on Ethereum, while Tron USDT stayed roughly flat near $92.3bn. USDC fell about $4.0bn and total USD-pegged stablecoins about $10.6bn, so it was not a simple shift from Ethereum to Tron.

#### What did independent data show about the USDT fall?

InvestIn.News checked CoinGecko and DefiLlama. CoinGecko shows a $6.60bn decline from 9 September to 8 November, and DefiLlama shows about $6.41bn to $6.43bn for 60-day windows ending 7 to 8 November.

### What the dollar comparison does and does not show

At InvestIn.News , we think CryptoQuant's dollar comparison is accurate but easy to misread. A $6.6bn fall is more than double the $3.2bn post-FTX drop, yet USDT is now roughly $177bn, about 2.7 times the $66.3bn at end-2022, so the current drawdown is about 3.5% of supply against about 4.6% in December 2022. Keeping the 'largest' label inside CryptoQuant's 2022-onward chart matters because DefiLlama shows a much larger post-Terra fall of about $16.9bn around 1 July 2022.

We also would not treat a falling USDT supply as proof that liquidity is leaving the whole market. USDC fell about $4.0bn and total USD-pegged stablecoins about $10.6bn, but nearly all the USDT decline was on Ethereum while Tron stayed near $92.3bn. That looks like a supply contraction concentrated in one place, not a simple rotation to Tron.

The development that would sharpen the picture is a comment from Tether or Paolo Ardoino, or exchange stablecoin reserve data that shows whether market makers are pulling idle dollars. Until then, the phrase 'fuel is draining' is a reading of the chart, not confirmed market behaviour.

How we reported this: this story draws on reporting by X, 7 public posts shown in the story and InvestIn.News market data . Each source is linked in the text and listed under Sources.

Sources:
- CryptoQuant official X post (10 Nov 2026, 19:58 IST) (https://x.com/cryptoquant_com/status/2120161592838856782)
- Darkfost (@Darkfost_Coc) reply (https://x.com/Darkfost_Coc/status/2120164442059006374)
- Pashak (@pashak17) reply (https://x.com/pashak17/status/2120164623827759282)
- CRYPTOKRALI3 reply (https://x.com/CRYPTOKRALI3/status/2120172531403673806)
- CristiWeb3 reply (https://x.com/CristiWeb3/status/2120167998917103858)
- DrCrypto47 reply (https://x.com/DrCrypto47/status/2120169035161821587)
- GingerCat (@gingercat_labs; 250M USDC mint claim unconfirmed) (https://x.com/gingercat_labs/status/2120177873382490239)
- InvestIn.News market data (10 Nov 2026) (https://investin.news/markets)
- CoinGecko, Tether market-cap history (https://api.coingecko.com/api/v3/coins/tether/market_chart?vs_currency=usd&days=70&interval=daily)
- DefiLlama, USDT circulating supply (https://stablecoins.llama.fi/stablecoin/1)
- DefiLlama, total USD-pegged stablecoin supply (https://stablecoins.llama.fi/stablecoincharts/all)