Stablecoin supplies contracted last week, with approximately $856 million leaving circulation according to data from Lookonchain. The movement reflects shifting capital allocation across blockchain networks and trading venues.
Stablecoin Flows Across Blockchains
The outflows were concentrated on two networks. Ethereum saw $726 million in combined Tether (USDT) and USD Coin (USDC) withdraw, while Solana experienced $619 million in similar outflows. In contrast, Tron moved counter to the trend, gaining $526 million in stablecoins.
The total decline represents approximately 0.3% of all stablecoins in circulation, according to DefiLlama data.
Divergent Trading Activity
Trading patterns showed mixed signals across decentralized exchanges. Spot trading volume fell 19.34% on a weekly basis to $47.84 billion, with Uniswap declining 25.8%. Perpetual futures contracts, which allow traders to bet on price movements often using borrowed funds, moved in the opposite direction—rising 8.2% to $149.39 billion in volume.
Corporate Bitcoin Holdings
Listed companies holding Bitcoin reduced their combined positions by a net 89 BTC. CleanSpark sold 173 BTC while Silvia, Inc. divested 165 BTC. MicroStrategy, however, continued accumulating, adding 250 BTC as the company moderates its purchase pace. BitMine also acquired 12,532 ETH valued at $31.75 million.
Market Conditions
Bitcoin traded at $82,859 at the time of reporting, down nearly 5% over the week and remaining below the $85,000 level amid thin trading conditions. Application fees across crypto platforms rose 4.44% week-over-week, with Tether leading at $122.06 million in collected fees.
