Santiment reported a $2.2 billion drop in the combined market cap of the top 12 stablecoins over the past ten days, signaling capital outflows from the crypto market. The firm said much of that capital moved into gold and silver, driving those assets higher while Bitcoin and broader crypto retraced.
Bitcoin fell after mass liquidations on Oct. 10, when about $19 billion in leveraged positions were removed. Prices slid from roughly $122,000 to under $103,000 in one day and have since fallen to about $88,000.
Gold rose more than 20% to top $5,000, and silver more than doubled in value. Tether purchased 27 metric tons of gold, about $4.4 billion, in Q4 2025.
Santiment said, “Historically, strong crypto recoveries tend to start when stablecoin market caps stop falling and begin to rise again. That would signal fresh capital entering the ecosystem and renewed confidence from investors.” Until stablecoin supply rises again, altcoins will likely suffer more than Bitcoin (Ed. note: stablecoin inflows often precede broad market rebounds).
