bitcoin:native dominance is back testing its upper range. We have been in this channel for over a year. Since Bitcoin’s June low stablecoin supply has barely changed while the rest of crypto went up a lot. Stablecoins are a smaller part of the market now and that by itself makes BTC.D go up. Most of the gains came in August and September when ETF inflows and leverage helped push prices up. This month that is starting to reverse. ETF flows are negative and liquidations hit alts much harder than Bitcoin. That is what is pushing BTC.D up. ethereum:native and solana:So11111111111111111111111111111111111111112 are in a better spot compared to Bitcoin than they were in June. Both made higher highs in August and September and even after this pullback they are still above where they were in June. With BTC.D at resistance we need to see if they hold here and start gaining on Bitcoin again.
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