Lookonchain
Stablecoin supply fell by $855.94 million during Oct. 5–11, while public companies recorded a net reduction of 89 BTC worth $7.37 million. DEX spot volume also dropped 19.34% week over week, although perpetuals volume rebounded 8.20%.
Why it matters
The weekly mix points to softer liquidity across spot markets. Stablecoin supply contracted as DEX spot activity weakened, while the rebound in perpetuals suggests traders remained active in leveraged markets rather than returning to spot exposure.
Protocol revenue edged up 4.44% week over week, with Base App leading revenue growth at 519%. That gain offers a counterpoint to the broader trading slowdown, but does not offset the decline in stablecoin supply and spot volume.
Market impact
Institutional activity was selective. Strategy bought 250 BTC worth $20.69 million, while Bitmine purchased 12,532 ETH worth $31.75 million. Those acquisitions were outweighed by reductions from other public companies, producing the sector's net 89 BTC decline.
The next signal for crypto liquidity is whether stablecoin supply and DEX spot volume stabilize. Continued contraction would keep pressure on market depth, even if perp activity and protocol revenue remain resilient.
Frequently asked questions
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How much did stablecoin supply change during Oct. 5–11?
Stablecoin supply fell by $855.94 million during the week of Oct. 5–11, 2026.
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What happened to DEX spot and perpetuals volume?
DEX spot volume dropped 19.34% week over week, while perpetuals volume rebounded 8.20%.
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How did public companies change their BTC holdings?
Public companies recorded a net reduction of 89 BTC worth $7.37 million. Strategy bought 250 BTC, while other companies reduced their holdings.
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Which institution bought ETH during the week?
Bitmine bought 12,532 ETH worth $31.75 million during the week of Oct. 5–11.
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Did protocol revenue rise despite weaker spot activity?
Yes. Protocol revenue edged up 4.44% week over week, with Base App leading revenue growth at 519%.
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