《Three-Dimensional Trading System｜BTC Evening Market Analysis (1/3): Volume》--- Bullish volume is weak, bearish volume is also exhausted, and the market has become lifeless! BTC current price is around 76,500. It slightly rebounded after the FOMC meeting, but trading volume has shrunk. Bullish Volume: The perpetual market is absorbing, but spot trading is lagging. The rate hike has shaken the confidence of the bulls, and prices are being suppressed. There’s noticeable dip-buying below 77K. Open interest in futures dropped by $1.7 billion at one point but quickly rebounded to $52.15 billion by the next morning, even higher than before the drop. Funding rates remain positive but not overheated, indicating that bulls are continuing to add positions. This is described as "bottom-fishing behavior in the perpetual market," with futures traders buying the dip. However, spot demand is clearly lagging. Spot buying below the previous range bottom is limited. ETFs saw a single-day outflow of $450 million, the largest since June, showing that the spot market is still bleeding. Bearish Volume: Driven by liquidations, shorts are getting squeezed. From the fluctuation curve of bearish volume in the chart below, it’s clear that the bears are struggling—they just want to fire one shot and run, no stamina, no strength! In the past 24 hours, the total liquidation in cryptocurrency derivatives was $336 million, with short liquidations accounting for $186 million (55.3%), while long liquidations were only $150 million. BTC-specific liquidations totaled $81.94 million, with short liquidations at $49.86 million, making up 61%. After the FOMC meeting, the price held at 76K, and leveraged short positions were the first to be cleared. Volume Analysis: Futures bulls are bottom-fishing, but spot buying hasn’t caught up. Shorts are being squeezed, but bulls haven’t formed a strong consensus either. Volume is in a state of "weak balance amidst divergence," meaning neither bulls nor bears can make a decisive move for now! Temporary stalemate!