Market Cap
Crypto market cap (ex stablecoins)
Total crypto market cap minus stablecoin supply, daily.
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Crypto market cap excluding stablecoins
This indicator is calculated as total crypto market capitalization minus total stablecoin capitalization for each UTC day.
Removing stablecoins gives a cleaner view of capital allocated to volatile crypto assets. It reduces the noise created by dollar-pegged assets that do not express directional risk in the same way as BTC, ETH or altcoins.
Use the chart to see whether risk capital is expanding or contracting, and compare it with stablecoin market cap to separate fresh inflows from defensive rotation.
The series is computed daily from total crypto market cap and stablecoin market cap in UTC.