[Analysis: BTC Spot Relative Trading Volume Declines, Bull Squeeze Eases, Market May Enter Another Bottoming Phase] BlockBeats News, June 17, according to on-chain data analyst Murphy, the current market focus should not be on 'Bitcoin spot trading volume' itself, but rather on 'relative spot trading volume' (i.e., spot trading volume/30-day moving average). This metric measures the relative level of market activity but does not provide a directional judgment on its own and requires interpretation in conjunction with volume-price structure. Structurally, Bitcoin retested the February low in June, but the relative trading volume during this round of testing was significantly lower than in February. This indicates that selling pressure during the second dip in a similar price range has clearly weakened. This combination of 'price retesting lows but declining volume' is often regarded by the market as a characteristic of phase-based selling pressure exhaustion. On the derivatives side, perpetual contract funding rates have undergone significant changes since April. The early negative premium phase triggered a short squeeze that pushed prices higher, but by mid-May, the negative premium gradually disappeared and turned into a clear positive premium. Subsequently, the market rally ended and entered a correction phase. Currently, the funding rate structure has gradually returned to a normal range, indicating that the downward momentum previously driven by bullish overcrowding and leverage is weakening, and the long-short structure is beginning to balance out. Overall, while spot demand remains weak, marginal selling pressure is decreasing. Coupled with the reduced influence of leverage on the derivatives side, the market as a whole is closer to the operating rhythm of February–March and may be entering a new phase of 'choppy bottoming.' However, there is no clear signal of a trend reversal yet. [Original Link]