Bitcoin · CryptoSlate
Bitcoin’s 14% Q2 drop came as stablecoin market contracts for first time since 2023
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Bitcoin’s second-quarter slide unfolded alongside a rare contraction in the stablecoin market, adding another sign that crypto liquidity weakened beyond spot prices alone.
Key facts
- Bitcoin traded below $60,000 during the quarter, reaching its lowest level since 2024, and fell 14% across Q2
- Organic stablecoin transfer volume dropped 5.5% to $4.09 trillion, ending a run of 10 consecutive quarterly increases
- CEX.io stated that total stablecoin trading volume fell 18% to $6.8 trillion
- After rising every quarter for nearly three years, the category fell by more than $3.5 billion, or 15%, in Q2
Summary
01 Bitcoin fell 14% in Q2 as stablecoin supply dropped to $312 billion, its first quarterly decline since 2023. 02 The pullback matters because stablecoins act as crypto’s cash layer, and trading, transfers and organic volume all weakened. 03 USDC gained share while smaller payments held up, but larger flows and regulatory shifts will decide if liquidity rebounds. Bitcoin traded below $60,000 during the quarter, reaching its lowest level since 2024, and fell 14% across Q2.