Traders are showing a renewed preference for dollar-backed stablecoins, with Tether's USDT and Circle's USDC gaining market dominance as Bitcoin's share declines. Bitcoin's dominance fell to 60%, down from 61.20% since early May, while USDT rose to 7.5% and USDC to 3%. This shift indicates a rotation back to safer assets, likely influenced by expectations that the U.S. Federal Reserve will maintain elevated interest rates longer than previously anticipated. Bitcoin's price recently hovered around $75,900, following a significant block trade in BlackRock's bitcoin ETF, IBIT, worth over $1 billion. The cryptocurrency market is also witnessing declines in other major assets, including Ether (ETH) and XRP, which have each dropped about 2% in the last 24 hours. Analysts suggest that this trend may signal profit-taking behavior among investors as they prepare for summer. Overall, these market dynamics reflect a cautious approach from traders, favoring stablecoins over more volatile assets like Bitcoin.