Analysis: The USDC/USDT premium index resonates with market liquidity indicators, and a rebound may occur in the short term.

On 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 directions. 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. Recently, CoinKarma observed that after a period of consolidation and fluctuation, some on-exchange fund behaviors have shown signs of reversal. When the USDC/USDT premium index turns positive, indicating a premium of USDC over USDT, it 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 approached with caution.