PANews reported on April 30th that, according to CryptoQuant analyst EgyHash, USDT liquidity remains the primary engine for Bitcoin price discovery. 60-day USDT market capitalization data shows a sharp reversal in the market from the liquidity crunch of late 2025 to early 2026, exhibiting a V-shaped recovery, while Bitcoin consolidated in the $77,000 to $78,000 range. This historic shift from negative to positive liquidity is typically a leading indicator of increased volatility. Analysts believe the market has shifted from a period of capital withdrawal to one of aggressive replenishment, a shift that provides structural support for current prices, but medium-term success depends on whether newly added USDT can translate into sustained spot demand.