I have been following this chart since since early september 2020. Works well correlated with big caps especially BTC and ETH. At least personally I stick with these two.
Notes about chart: If there is an increase that means money flows into cash If there is decrease that means money flows into BTC/ETH and maybe some other big caps. I prefer to trade BTC or ETH or both in the light of USDT dominance.
Sold all my positions on 24th November when btc was 18400 and eth was 610. Didnt expect USDT.D goes any lower according to its past. Still on the sideline and looking for a good entry. Most likely a part at yellow resistance and another part at top of the channel. Patience is the key.