$BTC This ratio is telling me we likely get one more "panic" leg before the cycle bottoms. It’s one of the most important charts I’m tracking right now. (USDT.D + USDC.D) / BTC.D All three are dominance metrics, but combined they provide high-quality signals I use to assess cycle structure. They show whether the market is leaning more toward preservation or toward Bitcoin exposure. When this ratio rises, stablecoins are taking up more of the market than BTC. That usually means capital is becoming more defensive and rotating away from risk. When this ratio falls, BTC is taking that share back from stablecoins. That tells you capital is rotating back toward BTC, while BTC dominance decides whether that strength stays concentrated there or starts spreading into alts. Last cycle, this ratio mapped the whole transition perfectly. In 2020, it stayed low while risk was fully deployed. Into the 2021 top, it moved into the distribution band. In 2022, it spiked into panic, pulled back during relief rallies, then made a second harder drive that marked the real bottoming process. And then repeats. Percentage-wise, we are back in that same late-stage zone. BTC dominance is high. Stablecoin dominance is high. And this ratio is sitting where distribution lived last cycle. I think it makes one final push into panic before the reset is complete.