This week, trading volumes of USDC on decentralized exchanges in the Ethereum network surpassed ETH for the first time. This is an important psychological and market signal worth a closer look.
USDC Overtakes ETH: What Does It Mean?
USDC is a stablecoin issued by Circle, backed by fiat reserves, and with each market cycle, it continues to gain trust among users and institutional investors. This week, trading volumes of USDC on Ethereum DEXs have, for the first time, exceeded those of ETH. According to analysts, this signals a decreased interest in riskier assets and a growing demand for stability.
This phenomenon has been observed before — during periods of market stagnation and correction. It may suggest that investors are temporarily “parking” their funds in stablecoins while waiting for more clarity in the market.
Bitcoin Data: Accumulation Continues
At the same time, other metrics are piling up, indicating a transition into the early phase of market cooling. According to IntoTheBlock, the Bitcoin balances on long-term holder wallets are once again increasing. This suggests that HODLers are in no hurry to sell and are continuing to accumulate BTC.
Interestingly, since the launch of Bitcoin ETFs, the total amount of BTC held in ETPs (Exchange Traded Products) has reached 529,325 BTC. In comparison, miners have only produced 249,725 BTC in the same period. Institutional demand is outpacing supply, which has not yet led to price increases, but does indicate strategic accumulation.
Whale Activity on the Rise
Since early March, more than 60 new BTC wallets have been registered, each holding over 1,000 BTC. The total number of such “whales” has increased from 2,037 to 2,107 — a level last seen during the market upswing in November–December. This may indicate strategic accumulation or preparation for a phase of low volatility.
Metaplanet and Strategy Keep Buying
Japanese public company Metaplanet recently acquired another 330 BTC, bringing its total portfolio to 4,855 BTC. With an average purchase price of $89,928, it has become the largest corporate Bitcoin holder in Asia, ranking in the top ten globally.
Meanwhile, Strategy has remained committed to its BTC-first approach, purchasing 6,556 BTC for $555.8 million at an average price of ~$84,785. As of April 20, the company holds 538,200 BTC, bought for a total of $36.47 billion, averaging ~$67,766 per coin. These moves reflect a focus on dollar-cost averaging and buying the dips, even among the largest corporate players.
Circle Launches Payment Network and Increases Issuance
Meanwhile, USDC issuer Circle is aggressively expanding its financial infrastructure presence. As stablecoins gain a stronger foothold in the global economy, the company:
– is launching a payment network capable of competing with Visa and Mastercard;
– plans to apply for a banking license in the U.S. alongside BitGo;
– has issued an additional 250 million USDC on the Solana network, boosting liquidity and influence within the DeFi ecosystem.
These initiatives signal a long-term bet on the digital payments infrastructure, where USDC could become a universal settlement medium for both Web3 and traditional economies.
Rising stablecoin trading volumes, increased institutional activity, ongoing BTC accumulation, and major infrastructure launches — all these point to a market preparing for its next stage. Whether this will lead to a deep correction or a consolidation phase before the next rally remains to be seen.
But one thing is clear: the focus right now isn’t on volatility, but on stability, and stablecoins like USDC are emerging as key indicators of sentiment in the crypto industry.
