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Alan Rogers reports that USDT experienced a significant contraction as its market cap decreased by $1.2 billion in less than 24 hours.
He suggests that such a rapid decline in stablecoin supply could indicate funds moving out of crypto altogether or rotating into riskier assets.
Rogers has previously observed shifts in major crypto holder activity, noting that Bitcoin’s largest wallets paused accumulation as the market cap reached $2.554 trillion, according to CryptoQuant data. He also criticized a recent announcement by President Donald Trump, arguing it had negatively impacted the crypto sector. These earlier events contributed to the context for recent stablecoin market movements.