CryptoQuant contributor MorenoDV_ reported that Tether (USDT) market capitalization fell nearly $1 billion over five days during what the analyst described as a Bitcoin (BTC) recovery, raising questions about liquidity behind the move.
CoinGecko recorded USDT market capitalization of $183,996,491,808 on Oct. 15 and $183,047,062,580 on Oct. 21. That is a $949,429,228 decline across six days. The readings point in the same direction as MorenoDV_’s calculation but cover a different period.
MorenoDV_ said the 60-day reading had recovered from its midyear trough but remained near the point at which USDT’s market capitalization would show no net change. The 60-day figure had not crossed into positive territory, despite its recovery from midyear levels.
MorenoDV_ cited periods in 2024 and 2025 when Bitcoin gains coincided with multibillion-dollar increases in USDT market capitalization over 60 days. MorenoDV_ said USDT alone is an incomplete gauge of crypto flows: investors can shift into other stablecoins, and Bitcoin demand can also come through exchange-traded funds.
MorenoDV_ said the recovery case would strengthen if the 60-day USDT market-cap change turned positive, daily declines eased and spot buying increased.
