Ethereum Classic

$10bn worth of stablecoins withdrawn from exchanges in the past 6 months



The total amount of coins held on exchange addresses, STBL is a virtual asset that aggregates the data of all ERC20 stablecoins supported on Glassnode — thereby creating a metric that sums up all exchange balances across stablecoins.

Stablecoins included are BUSD, GUSD, HSUD, DAI, USDP, EURS, SAI, sUSD, USDT, and USDC.

Quick Take

  • Almost $10B worth of stablecoins have been withdrawn from exchanges in the past six months.
  • 70% of the withdrawals occurred due to selling off in BUSD.
  • Stablecoin balance on exchange was worth, at its peak, almost $45B.
All Stablecoins, balance on exchange: (Source: Glassnode)


The Stablecoin Supply Ratio (SSR) is the ratio between Bitcoin (BTC) supply and the supply of stablecoins denoted in BTC, or: BTC Market cap / Stablecoin Market cap.

Glassnode uses the following stablecoins for the supply: USDT, TUSD, USDC, USDP, GUSD, DAI, SAI, and BUSD.

When the SSR is low, the current stablecoin supply has more “buying power” to purchase BTC. It serves as a proxy for the supply/demand mechanics between BTC and USD.

Quick Take

  • SSR, which was at an all-time low in the fourth quarter of 2022.
  • There had been a recent uptick in stablecoin deployment to suggest that this was a reason why Bitcoin went to $21k. 
Stablecoin Supply Ratio: (Source: Glassnode)

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