[Analysis: USDC/USDT Premium Index Resonates with Market Liquidity Indicators, Potential Rebound in the Short Term] BlockBeats news, January 1, CoinKarma's official social media account posted that the current cryptocurrency market has returned to an intra-market game phase, with internal factors becoming key to short-term price fluctuations. In the absence of clear external incremental funds, the crypto market is currently dominated by the circulation of internal funds, and short-term price movements are more influenced by the flow of internal funds and changes in overall liquidity. CoinKarma recently observed that after a period of consolidation and adjustment, certain behaviors of internal funds have shown signs of a turning point. When the USDC/USDT premium index turns positive, it indicates that USDC is trading at a premium relative to USDT, primarily reflecting a significant weakening of active selling pressure by dominant market funds in the BTC/USDT trading pair. Meanwhile, the overall market liquidity indicator reflects a comprehensive measure of the weighted liquidity level across the market. Currently, the USDC/USDT premium index and market liquidity indicators are resonating once again, suggesting a high probability of forming a bottom rebound structure in the short term. However, the medium-to-long-term outlook remains bearish, and caution is still needed regarding the potential impact of trend-driven selling pressure.