I keep seeing people say that BTC dominance rejected from around 66% in June 2025 and has been trending down since.
I think that interpretation is misleading.
I checked [CoinGecko ](https://coingecko.com)and [CoinTrends](https://cointrends.xyz), and there are currently 16 stablecoins in the top 100. That is not insignificant. Stablecoins are a large enough part of the market that they can meaningfully change how BTC dominance looks.
[This chart shows](https://cointrends.xyz/charts/dominance?stables=false) that when stablecoins are excluded, **BTC dominance is actually around 66%** right now.
That's a crazy difference!
On May 11th, 2026, this same metric was around 69%, which was the highest level in the past 5 years.
I’m not trying to draw a huge conclusion from this, but I do think the “BTC dominance is falling off a cliff” narrative some people are trying to sell is not accurate at all.
In the past, stablecoins may have been a small and mostly insignificant part of the BTC dominance calculation. But today, with so many stablecoins in the market and USDT/USDC becoming massive by market cap, they now play a much larger role, especially with Bitcoin down almost 50% from its ATH.
