Bitcoin Faces Headwinds as Monthly Demand Drops 284,000 BTC and USDT Supply Shrinks

Bitcoin traded below its 365-day moving average of $76,400, sitting approximately 15% under its September peak of $87,400 amid severe liquidity drains. Apparent Bitcoin demand plunged by 284,000 BTC over the past month, marking its steepest decline since March 2025. Concurrently, Tether's USDT market capitalization dropped $6.6 billion over 60 days, exceeding the redemption wave seen after the December 2022 FTX collapse. CryptoQuant's Bull Score Index plummeted from 90 in mid-October to 20 by November 10, entering extreme bearish territory as the Coinbase Premium Index stayed negative for 30 straight days.