Something worth pointing out today. We had a strong move up yesterday across Bitcoin and many alts. Historically that has usually led to giving back some (if not all) of those gains the next day. That has been the normal rhythm. Run up, retrace, reset. Yet today we have not seen that response. Instead everything went flat for the most part. To me that is more bullish than I had anticipated, it tells you the market is accepting these higher prices rather than rejecting them. Buyers did not rush to exit, sellers have not pushed price down. This feels more like a controlled consolidation and exactly what we want to see if a move is going to continue. Hopefully thing don't nuke as soon as I post this. :-) $Link $CRV $BTC $ETH

$CRV is up, but hitting 200MA resistance on the hourly. .45 is the big level to get over.

I think @CalebFranzen is exactly right that what we are seeing now is more defensive positioning than true outflows. Money is not leaving the market. It is rotating into stablecoins and Bitcoin while people wait for clear signals. This is caution, not retreat. What has changed, and what I have been arguing since the GENIUS Act came out, is that we cannot treat stablecoin dominance the way we used to. It still has value, but it no longer carries the same weight as a clean indicator of risk appetite or as a direct measure of money flowing between Bitcoin and alts. Stablecoins are becoming the major neutral asset of this entire space. They are not just a place for traders to park funds anymore. They are turning into settlement rails, treasury tools, and the base liquidity for a growing amount of on chain activity, so their market share can rise even during a bull run. Because of that, I think we are moving into a different kind of market structure. We could see Bitcoin and alts both climb while stablecoin dominance keeps expanding. That would have been unusual in earlier cycles, but it makes sense now. The relationship between these dominance charts is changing as the whole ecosystem matures. This is part of the larger transition I think we are entering, where flows stop behaving the way they did in the past and the market starts acting more like a real financial system...that I contend ultimately replaces our current one.