- Stablecoin dominance increases as Bitcoin drops below $96,000 and traders park funds in dollar-pegged assets.
- Market data show capital staying on-chain in stablecoins while Bitcoin slides below $100,000 and liquidations spike.
- Stablecoin market cap holds above $300 billion, with USDT controlling the largest share of sector liquidity across exchanges.
Stablecoin dominance has climbed as Bitcoin slid below the $100,000 mark and extended losses toward roughly $96,000, signaling a clear risk-off rotation inside crypto. Recent market data show traders shifting into dollar-pegged assets instead of leaving the ecosystem, while Bitcoin tests lower support after a sharp sell-off.
Liquidations have topped $1.1 billion during the move, with spot Bitcoin ETFs also seeing heavy outflows, reinforcing the defensive tone. Together, rising stablecoin share, deeper Bitcoin drawdowns, and heavier trading volumes point to capital preservation as the dominant strategy while markets wait for either a breakdown toward $95,000 or a decisive reclaim of $100,000.
Related: Binance Regains 2024-Level Stablecoin Liquidity With $7.3B Inflows
Swissblock Data Show Stablecoin Share Rising Through The Pullback
Recent data from Swissblock Technologies shows a varied widening between stablecoin dominance (STABLE.D) and the BTC/USD pair from June through mid-November 2025. While stablecoin share moved within a tight range during the summer months, the indicator began climbing from late September and continued higher into November.
The move coincides with Bitcoin’s deeper correction, which intensified over that same period. Analysts cited by Swissblock argue that capital remains inside the crypto ecosystem, with no strong evidence of large outflows back into fiat. Instead, traders appear to be waiting in stablecoins for clearer direction, with two main paths under discussion: a capitulation flush toward the $95,000 zone or a sustained recovery that reclaims $100,000 and holds above it on stronger volume.
Bitcoin Falls Toward $96K As Trading Volume And Liquidations Jump
Bitcoin’s downturn has accelerated this week, with the asset sliding from above $100,000 to trade below $96,000 after touching intraday lows around that level. Exchange data show that the drop broke a key psychological and technical zone, reinforcing the bearish shift that had been building for several sessions.
At the same time, Bitcoin trading volume climbed sharply above $100 billion over 24 hours, signaling active repositioning rather than quiet drift. In combination with rising stablecoin dominance, that surge in volume suggests traders are preparing for a larger move, not assuming the sell-off has already reached its final low.
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