CoinKarma: Cryptocurrency Market Returns to On-Chain Game Stage, Short-Term May Form Bottoming and Rebound

Odaily News CoinKarma posted on the X platform, stating that the cryptocurrency market has currently returned to the on-chain game stage, with on-chain factors becoming key to short-term volatility direction. In the absence of clear external incremental funds, the crypto market is primarily driven by the circulation of on-chain funds, with short-term price fluctuations stemming from changes in on-chain fund flows and overall liquidity.

CoinKarma observed through USDC/USDT Premium (measuring the discount/premium status of USDC relative to USDT) and Overall LIQ (overall market weighted liquidity indicator) that when the USDC/USDT Premium turns positive, it reflects a weakening of active selling behavior by market-dominant funds on BTC/USDT. Currently, USDC/USDT Premium and Overall LIQ are resonating again, with a high probability of forming a bottoming and rebound in the short term. CoinKarma also pointed out that compared to the previous stage, the medium to long-term trend remains bearish, and potential selling pressure needs to be monitored.