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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.
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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.