The pool of dollars that fuels crypto trading is draining.

Total stablecoin supply fell by $14.2 billion over the 30 days through Nov. 9, the fastest contraction since June 2022, according to a report published Wednesday by onchain analytics firm Glassnode.

The total stablecoin supply now sits just below $280 billion, and the research company suggests that’s a big reason why Bitcoin is currently “running on empty.”

Stablecoins, tokens typically pegged to the U.S. dollar, serve as crypto’s cash. Traders park money in them on exchanges and onchain before buying other assets.

When the stablecoin supply shrinks, it means holders are redeeming tokens for dollars and pulling that money out of…