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BTC.D measures the market cap of Bitcoin, using the current Bitcoin price relative to the total market cap of all crypto assets.
The following is an excerpt from The Block’s Data and Insights newsletter.

As of Saturday, May 10,
BTC -1.05%
dominance (BTC.D) had fallen to 60.2% from its high of 62.1% just three days prior.

BTC.D measures the market capitalization of Bitcoin, using the current Bitcoin price, relative to the total market capitalization of all crypto assets. The steep decline in BTC.D from 62.1 % to 60.2 % between May 7 and  May 10 lined up perfectly with the three‑day window of notable price spikes and outsized, altcoin‑heavy liquidations mentioned earlier in the newsletter.

Historically, a pullback of this size in BTC.D over such a short window has often preceded brief "alt‑season" windows, as traders rotate into higher‑beta assets.

Macro sentiment may also be playing a role in the recent decline in BTC.D. On May 8, U.S.–China trade‑deal negotiations reportedly made "material progress" toward a partial tariff rollback. This likely eased "safe haven" demand for Bitcoin and encouraged risk‑on positioning in altcoins.

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As traders chased momentum in ETH, TOTAL3, and meme‑perp names, fresh capital flowed into non‑BTC assets, widening the dominance gap. In effect, the dominance slide reflects a classic feedback loop, where BTC led the initial rally, short liquidations migrated into altcoins, altcoin price spikes boosted their share of total market cap, thus resulting in BTC.D falling, reinforcing the case for an "alt‑season" push as long‑tail assets briefly outperform.

Whether this evolves into a sustained alt‑season will hinge on BTC.D. A rebound would suggest last week's dominance dip was merely a liquidation‑driven detour rather than a regime shift.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.