Data from Lookonchain for the week ending Oct. 12, 2026, reveals that approximately $856 million in stablecoins exited circulation, signaling reduced dry powder across major blockchain networks as Bitcoin trades around $82,859. The total net decline represents roughly 0.3% (less than 0.5%) of all circulating stablecoins, according to DefiLlama data.
Stablecoin Outflows and Spot DEX Deceleration
The contraction in circulating stablecoins was concentrated across two major smart contract platforms. Ethereum lost $726 million in Tether (USDT) and USD Coin (USDC), while Solana recorded an outflow of $619 million. Bucking the broader trend, Tron logged a net expansion of $526 million in stablecoin supply across the top 15 blockchains measured.
Activity on spot decentralized exchanges slowed significantly over the same period. Total spot trading volume on DEXs dropped 19.34% week-on-week to $47.84 billion. Uniswap led the slowdown with a 25.8% decline in spot trading activity. Despite the drop in DEX spot volume, overall crypto app fees rose 4.44% week-on-week, anchored by Tether generating $122.06 million in network fees.
Perpetual Futures Rise as Corporate Treasuries Diverge
While spot trading contracted, leverage activity accelerated. Perpetual futures volume on DEXs jumped 8.2% to $149.39 billion between Oct. 5 and Oct. 11, 2026, indicating that traders increasingly turned to leverage contracts rather than spot accumulation.
Publicly traded corporate treasuries net-reduced their Bitcoin holdings by 89 BTC (valued at approximately $7.37 million). Bitcoin miner CleanSpark offloaded 173 BTC, while Silvia, Inc. sold 165 BTC. In contrast, MicroStrategy acquired 250 BTC, and BitMine purchased 12,532 ETH valued at $31.75 million, even as the firm approaches its internal ETH cap, extending previous treasury moves after BitMine expanded its Ethereum treasury. Meanwhile, Bitcoin remained down almost 5% for the week, struggling beneath key levels after the Bitcoin rebound to $84,000 threatened to stall near key $85,000 resistance zone.
Key Takeaways
- Stablecoin Supply Shrinks: Total circulating stablecoin supply fell by $856 million, led by outflows of $726 million from Ethereum and $619 million from Solana.
- DEX Volume Split: DEX spot trading volume dropped 19.34% to $47.84 billion, while DEX perpetual futures volume grew 8.2% to $149.39 billion.
- Treasury Rebalancing: Listed companies net-sold 89 BTC, led by CleanSpark selling 173 BTC and Silvia, Inc. selling 165 BTC, while BitMine bought 12,532 ETH for $31.75 million.
Why It Matters
The divergence between declining spot DEX trading and rising perpetual futures volume suggests that market participants are leaning heavily into speculative leverage rather than spot accumulation. When capital leaves stablecoins on major layer-1 networks like Ethereum and Solana, immediate purchasing power shrinks across top crypto assets. Traders should track upcoming stablecoin issuance metrics closely, as sustained capital redemptions would constrain market liquidity and impede near-term price recoveries.
