BlockBeats News, January 1st, CoinKarma officially posted on social media that the current cryptocurrency market has returned to a phase of on-exchange trading, with on-exchange factors becoming the key to short-term volatility. In the absence of clear external incremental funds, the current crypto market is primarily driven by on-exchange capital circulation, and short-term price fluctuations are more influenced by the flow of on-exchange funds and overall liquidity changes. CoinKarma has recently observed that after a period of consolidation and fluctuation, some on-exchange fund behaviors have shown signs of a turning point. When the USDC/USDT premium index turns positive, indicating that USDC is trading at a premium relative to USDT, this mainly reflects a significant weakening of the active selling pressure from market-dominant funds on the BTC/USDT trading pair. The overall market liquidity indicator reflects a comprehensive measure of the weighted liquidity level across the entire market. Currently, the USDC/USDT premium index and the market liquidity indicator are resonating again, likely forming a bottoming rebound structure in the short term. However, the medium- to long-term pattern remains bearish, and potential trend-selling pressure should still be watched carefully.
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