Bitcoin’s dominance rate falls to 60%
Traders are preferring dollars over bitcoin, as evident from the rising dominance rates of USDT and USDC.
The dominance rate for BTC has pulled back to 60% from 61.20% since May 5.
At the same time, the dominance rate for Tether’s USDT increased from 7% to 7.5% while Circle Internet’s USDC rose from 2.8% to 3%. Bitcoin was recently trading near $75,900, having put in lows near $75,200 early today after reports of a large block trade in BlackRock’s bitcoin ETF, IBIT.
The 11 spot ETFs lost over $333 million on Tuesday, with the transaction seeing shares worth over $2.26 billion change hands.