BTC falls 32% in H1 2026 but beats Strategy's 43% drop
BTC down 32%, ETH off 47%, MSTR -43%: the total crypto market cap slid to roughly $2T, a level last seen before Trump's November 2024 election win. Stablecoin dominance is doing the talking now.
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BTC down 32%, ETH off 47%, MSTR -43%: the total crypto market cap slid to roughly $2T, a level last seen before Trump's November 2024 election win. Stablecoin dominance is doing the talking now.
Headline-grabbing 30-day winners — WLD up 149.6%, JTO 46.7%, HYPE at a $77 ATH — mask 15 straight months of net spot selling and a $240B cumulative buy-sell deficit in the altcoin cohort.
The divergence — risk assets crushed while stablecoin share of the market almost doubles — is the classic late-stage deleveraging signature: capital parked on the sidelines, not destroyed.
Benjamin Cowen argues stablecoin dominance has broken out of a two-year base and is now backtesting it — a structure that historically took years to resolve and kept capital parked in stables rather…