Over the last few months and most of the previous year, the stablecoin market has been afflicted with a fall in market cap. Needless to say, some unfavorable events contributed to this decline as skepticism spread around the ecosystem.
Furthermore, there seems to be chances that a part of the market was preparing to buy the dip. One reason for this is the decline in the supply outside of exchanges. This metric describes the number of coins kept in non-custodial wallets. When it comes to stablecoins, an increase suggests that participants are wary of accumulating other cryptocurrencies.So, the decline here means otherwise. This was further proven by the supply held by large-cap addresses. Based on on-chain data, this metric increased.
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