Bitcoin Enters Disbelief Phase as USDC Exchange Reserves Top $7.5 Billion

Bitcoin market sentiment is entering the “disbelief” phase, in which investors remain broadly unconvinced that a bull trend has taken hold despite a price recovery. Meanwhile, USDC, the dollar-pegged stablecoin issued by Circle, is an important gauge of deployable liquidity and potential buying power in the crypto market.

As of July 20, 2026, USDC reserves on centralized exchanges had exceeded $7.5 billion, indicating an increase in dollar liquidity waiting to be deployed. If those funds flow into Bitcoin, they could support further gains, though rising reserves alone do not mean the capital will necessarily enter the market immediately.