TETHER & CIRCLE DOMINANCE. A GROTESQUE PARTY ON A SUPERYACHTUSDC.D+USDT.DCRYPTOCAP:USDC.D+CRYPTOCAP:USDT.DPandorraResearchWell, no matter what you think... But we, with the grotesqueness of a pragmatist, are once again enjoying a sweet symphony of schadenfreude. Whether you were ready or not, back in late November 2025, we called that: "Tethering and Circling" — The Crypto Market Is Revolving Around Stablecoins While The BTC Bull Market Hits A Wall. Fast-forward to March 2026: this isn't just a "peg" anymore—it's a full-blown stablecoin orgy. Add June 2026, and the USDC + USDT share not only soars but already consolidates in the double-digit range of overall crypto market, while the "Digital gold" narrative for BTC has turned into gilded foil, and Alts are becoming more worthless than toilet paper. The last six months have seen the degenerates capitulate more harshly than a tight-fisting retailer on a margin call: billions in liquidations, plus Alts bleeding to death. Why? - The same interconnected chaos and the search for a way out by smashing through the wall of risk, only on super-powered steroids. Who's to blame? - It didn't take long. Less than a week after Strategy sold 32 Bitcoins for $2.5 million on May 31st, Jim Cramer of CNBC's Mad Money has already blamed on Michael Saylor as a "Bitcoin Murder." The propaganda slogans that drove BTC and altcoin prices up a year and a half ago have lost all metaphysical meaning, as all those steroid-fueled pumps are turning into dung heaps and multi-billion dollar losses. Stablecoins, like a safe haven, have become the only game in town in the crypto market while the bulls are barbecued. Tether and Circle still control about 85% of the stablecoin market, but now it's a crypto-Versailles. The "shallow" BTC bear market has turned into a bottomless pit—more than 50% down from the Q4 '25 peaks, amid a Fed "soft landing," which is turning into a nosedive with interest rates at 5.25% and QT sucking up liquidity like a black hole. Geopolitics? Winter escalation in Ukraine and Iran's proxy games—oil is surging, risk-off is everywhere. Traders aren't picking up alts "at the bottom," they're jumping into USDT/USDC like rats from BTC—the Titanic. "Tethering" and "Circling" have evolved—they're now a parking lot for billions on the sideline, ready to jump into any deep dive. Volatility is in the stratosphere, so who's touching meme coins anymore? Especially after the degen massacre we've written about numerous times. A cycle in depression: the 2025 peak turned out to be a mirage, and 2026 a hangover Forget the lunar 2021; this BTC cycle actually peaked in Q1 2025 and then slid into a choppy, sideways, purgatory-like trend. Macro is in charge: inflation has crept back up to 3.5%, the Fed is mumbling that there won't be any declines in 2026, but increases are possible. Herd behavior? Make it a caricature—a BTC dump is triggering cascades of stops on altcoins, and everything is ultimately flowing into stablecoins. Dominance chart? Total USDT+USDC is a monster: it broke the 200-week SMA and is now back in double-digits, consolidating in the double-digit range and aiming to expand to around 20% by the end of the first half of 2026. The Technique speaks for itself: dominance rocketing upward, BTC and altcoins are on the decline. Total USDT+USDC dominance chart? The parabolic uptrend is alive and well, the double-digit jump only confirms the "death phase" for the bulls. The herd is more tethered than ever—capitulation has burned the weak hands, now it's time for the vultures. Bottom line: the stablecoin superyacht of crypto is in full swing, while BTC bulls are teetering in the cauldron of doom. Stability reigns in the House of insane volatility. -- Best wishes, @PandorraResearch Team