Definition. This chart shows the realized valuation dominance of the largest and most dominant assets in the digital asset industry — each asset's share of the aggregate realized value. Individual dominance traces are shown for BTC 🟠, ETH 🟣, USDT 🟢, USDC 🔵 and TUSD 🔘, alongside the combined dominance of all stablecoins 🔴.

Technical. Each trace divides the asset's component by the aggregate realized value:

• Asset Dominance = Component / (BTC Realized Cap + ETH Realized Cap + USDT + USDC + BUSD + TUSD Supplies)
• Stablecoin Dominance = (USDT + USDC + BUSD + TUSD Supplies) / Aggregate 🔴

The realized cap is used for the major network assets as it is a more accurate depiction of true net capital inflow/outflow from the market: Realized Cap values each coin at the last transacted price, and thus accounts for relative coin liquidity, and filters out purely speculative trading occurring off-chain. Stablecoins are valued at face value via their circulating supply.

Interpretation. These dominance traces map the rotation of invested capital across the market's major venues of value storage. Rising stablecoin dominance indicates capital consolidating into a risk-neutral form — historically characteristic of de-risking phases and bear markets, and often described as growing "dry powder" that can later rotate into the majors. Conversely, rising BTC or ETH dominance shows capital being deployed into the volatile network assets and their realized caps being revalued higher. The BTC vs ETH shares track the relative capital allocation between the two majors across cycles.

Notes. The underlying aggregate is charted in Aggregate Market Realized Value, and its 30-day flows in Aggregate Market Realized Value Net Position Change. For a two-asset view see BTC-ETH Realized Cap Dominance.