The total stablecoin market capitalization (the combined value of stablecoins) has fallen by $14 billion since May, indicating substantial capital outflows from the crypto market, CryptoQuant analyst Darkfost said. Conditions improved modestly from September, when the market added $4 billion and the total stablecoin market capitalization recovered to about $270 billion. Darkfost said the apparent reversal remains fragile because liquidity flowing into crypto assets is still insufficient, and stronger momentum would be needed for Bitcoin to reach new highs.