Bitcoin Price vs Total Stablecoin Supply

Sum of USDT, USDC and FDUSD market caps (CoinGecko) vs BTC.

This chart compares Bitcoin’s price to the combined market capitalization of major dollar stablecoins (USDT, USDC, and FDUSD), used here as a proxy for crypto-native liquidity.

When stablecoin supply expands, new “dry powder” enters the crypto ecosystem, often coinciding with stronger BTC performance. When supply contracts or stagnates, it typically reflects reduced risk appetite and weaker liquidity conditions for Bitcoin.

Use the duration buttons to explore how stablecoin growth has lined up with Bitcoin bull markets, local tops, and periods of sideways consolidation.