#市场周期与趋势 A noteworthy signal has been observed: the USDC/USDT premium index turning positive resonates with market liquidity indicators. What does this imply? The main selling pressure on the BTC/USDT trading pair has significantly weakened, indicating a shift in on-chain capital behavior. From an on-chain perspective, the market has entered a phase of on-site competition. Without external incremental funds, capital flow and liquidity changes have become the core drivers of short-term price fluctuations. The resonance of these two indicators often suggests a higher probability of a bottom rebound structure forming. However, it is important to remain calm—short-term rebound opportunities do exist, but the medium to long-term outlook remains bearish. The key is to continuously monitor the strength and stability of this signal, while also being alert to potential reversals caused by trend-driven selling pressure. Do not be blinded by short-term rebounds; at this stage, it is more important to focus on the incremental inflow of funds and the validation of whale movements.