This week's wrap isn't about price action on individual coins.

It's about where the money actually is. And more importantly, where it's going next.

I've been talking about this framework for months. The four-phase rotation model. Stablecoin dominance. BTC dominance. TOTAL3. And how equities fit into the picture when liquidity is making a macro move. This week, all four charts are telling the same story simultaneously. Let me walk through it.

BTC Dominance - 58.37%. Fading from the top.

BTC dominance peaked near 60.37% recently and has since dropped to 58.37%. That move matters more than most people realise.

When BTC dominance is rising, it means capital is moving into BTC relative to everything else. It's a risk-off move within crypto. Capital prefers the relative safety of BTC over alts. That's been the dominant theme for most of this bear phase.

When BTC dominance starts falling from elevated levels, it means one of two things. Either capital is rotating from BTC into alts, which would be the beginning of an alt season signal. Or capital is leaving crypto entirely and moving into stablecoins or other asset classes.

Given where TOTAL3 is sitting right now, it's clearly not rotating into alts. Alts are getting crushed. So the dominance decline is capital leaving BTC and going somewhere else entirely.

That somewhere else is in the next two charts.

The level below 58.37% that I'm watching on BTC dominance and what it would signal for the broader crypto rotation is something premium members are getting in detail today. It's a level that historically marks a transition point in the cycle. If you're trying to time the macro bottom, that level is one of the key signals.

Stablecoin Dominance - 12.115%. Near the peak. Fear is still elevated.

Combined USDT and USDC dominance is sitting at 12.115%. Right near the 12.554% high marked on the chart.

This is the fear gauge for crypto. When stablecoin dominance is this elevated, it means a massive portion of the total crypto market cap is sitting in cash. People exited. They're not reinvesting. They're waiting.

The 9.809% dotted level at the bottom of the chart is the reference for where stablecoin dominance was when the market was in risk-on mode. The gap between 9.809% and today's 12.115% represents an enormous amount of capital sitting on the sidelines in stablecoins.

That capital will eventually deploy. It always does. The question is when, and at what prices.

When stablecoin dominance starts falling from this peak zone, it will mean money is moving back into risk assets. That is one of the clearest early signals of a genuine macro bottom forming. We are not seeing that move yet. Dominance is still elevated and pressing near the highs. That tells you the fear hasn't cleared.

When that signal fires, premium members will be the first to know what it means for entry timing. That's the level of detail that makes the difference between catching the turn and chasing it.

TOTAL3 - 691B. Altcoins being destroyed.

TOTAL3 measures the total altcoin market cap excluding BTC and ETH. It's the clearest picture of what's happening to risk assets in crypto.

691B. Down from the 901B high. Down from the 775B level that had been holding as support. Now sitting just above 661B, which is the next meaningful support on the chart.

This is capital destruction. The alts that CT was promoting as buy opportunities during the relief rally have been shredded. Anyone who bought altcoins in the 800B to 900B TOTAL3 range is sitting on losses of 15 to 25% or more at the index level. Individual alts are down significantly more than that.

The 661B level is the next floor I'm watching. A weekly close below 661B opens up a much more significant leg lower in the altcoin space. What that means for specific coins and what the realistic TOTAL3 target is on a full bear market completion, that's in today's premium issue.

For now, the TOTAL3 chart alone tells you everything you need to know about whether now is the time to buy alts. It isn't.

SPX - 7,584. Liquidity's current destination.

Here's where the liquidity story gets interesting.

SPX is sitting at 7,584. Essentially all-time highs. Vertical move from the 6,325 lows in April to current levels. A roughly 20% rally in a matter of weeks.

While crypto has been bleeding, equities have been pumping. That's not a coincidence. That's where the liquidity went. Risk appetite didn't disappear. It rotated. Out of crypto, into stablecoins briefly, and now into equities.

But this move has the hallmarks of a liquidity-driven rally that is running out of fundamental support. SPX at 7,584 is sitting well above the 7,003 level that had been the prior resistance. The distance from current price to the nearest meaningful support is large. And the speed of the move has created a lot of air below it.

Profit taking will come. It always does after a move this fast and this vertical. When equity investors start taking profits, that liquidity has to go somewhere. And historically, when SPX rolls over after a parabolic move, some of that capital finds its way back into crypto at lower prices.

That's the setup we're positioning for.

The macro read

BTC dominance fading from highs. Stablecoin dominance near peaks. TOTAL3 testing critical support. SPX at vertical highs with profit taking imminent.

The liquidity rotation is clear. It went from BTC to stablecoins to equities. The next move is when equities roll over and liquidity has to find a new home.

I'm not entering until the macro low is in. That moment is being built toward. The conditions for it are forming in these four charts simultaneously.

What I'm specifically watching on each chart to identify when that rotation begins to reverse, and the exact entry framework for when it does, is in today's premium issue.

Come find us at www.whop.com/digitalvault1

Have a good weekend.

Victor