Bitcoin Enters 'Disbelief Phase'... $7.5 Billion in USDC Waiting on Exchanges

▲ Bitcoin (BTC)

Bitcoin (BTC) has entered a disbelief phase, shrugging off the market's pessimistic views, while a $7.5 billion 'war chest' of USDC accumulated on exchanges signals a strong rebound rally.

According to a Cointelegraph report on April 23 (local time), Bitcoin has entered a new phase, rising 30% from its 2026 low of $60,000. The market is currently in a disbelief phase, doubting price increases and betting on declines. Notably, the recovery of USDC balances within Binance, the world's largest exchange, to $7.51 billion recently, signifies that a powerful reserve of funds is ready to be injected into the market at any time.

Data analysis results show that market pessimism is, in fact, becoming a driving force for an uptrend. Crypto analyst Darkfost pointed out that Bitcoin's funding rates remain at -4.5%, indicating a dominant bearish bias. This trend is similar to when the bear market ended in late 2022, where investors tended to sell against the trend rather than follow it. Darkfost assessed this disbelief phase as a process of energy accumulation towards a peak.

Stablecoin liquidity, acting as a 'war chest,' is also rapidly recharging. Binance's USDC holdings, which had decreased to $4.5 billion in early March, surged to $7.51 billion as of April 21. The analysis suggests that capital is not leaving the market but rather observing within exchanges, even as Bitcoin has undergone a 36% correction from its peak of $126,000 recorded in October 2025. Analyst CryptoOnChain likened this to dry tinder ready to ignite as soon as confidence improves.

Binance has maintained overwhelming market dominance, processing $1.09 trillion in trading volume over 112 days since 2026 began. While competing exchanges like MEXC and Bybit follow, the concentration of funds remains skewed towards Binance. Crypto analyst Maartunn explained that liquidity is not leaving the market but rather concentrating around key exchanges and price levels.

Bitcoin is currently caught between contradictory conditions: pessimistic market sentiment and the securing of massive liquidity. Should a short squeeze, triggered by the liquidation of investors betting on a decline, coincide with a significant influx of waiting funds, there is a high probability of a destructive upward rally. With indicators uniformly pointing to bullishness, the moment market doubt turns into conviction is expected to be the starting point for new all-time highs.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*