[Analysis: Bitcoin's rise accompanied by shrinking trading volume, this rally is vulnerable to macroeconomic shocks] According to CoinDesk, Markus Thielen, Head of Research at 10x Research, stated that Bitcoin's recent surge toward $80,000 has been accompanied by a significant drop in trading volume and deeply negative funding rates, raising doubts about the sustainability of the rebound. Weekly Bitcoin trading volume is 17% below average, Ethereum trading volume has dropped by 20%, funding rates have fallen by 6.8% to the 3rd percentile, and overall trading volume has decreased by 33% to the 4th percentile. This rally has been primarily driven by spot buying or short covering rather than leveraged long speculation. Bitcoin ETFs have seen nine consecutive days of net inflows, with total inflows reaching $2.5 billion in April, and Bitcoin's market cap dominance has risen to 60%. Options market volatility has dropped to the lower quartile of historical ranges, with traders pricing relatively moderate price swings. Ethereum trading volume has declined by over 50%, and derivative positions indicate limited risk appetite.