BlockBeats News, June 17th. According to on-chain data analyst Murphy, the current market's focus should not be on the "Bitcoin spot trading volume" itself, but on the "spot relative trading volume" (i.e., spot trading volume/30-day moving average). This indicator is used to measure the level of market activity relative to historical data but does not provide a single-direction judgment and requires interpretation based on volume and price structure.

From a structural perspective, Bitcoin retested the February low in June, but the relative trading volume during this test was significantly lower than in February, indicating a reduced selling pressure during the second retest in a similar price range. This combination of "price retesting the low but with decreasing volume" is usually seen by the market as one of the characteristics of temporary selling pressure exhaustion.

On the derivatives side, the perpetual contract funding rate has undergone significant changes since April: the early stages of a negative funding rate triggered a short squeeze and price bounce, but by mid-May, the negative funding rate gradually disappeared and turned into a significant positive rate, signaling the end of the market rebound and the start of a retracement.

Currently, the funding rate structure has gradually returned to a normal range, indicating that the downward pressure driven by overcrowded long positions and leverage is diminishing, and the long-short structure is beginning to balance out.

Overall, spot demand remains relatively weak, but the marginal selling pressure is decreasing. Combined with the diminishing impact of leverage on the derivatives side, the market is closer to the operational rhythm seen in the previous 2–3 months, possibly entering a new phase of "oscillating accumulation." However, no clear trend reversal signals have emerged yet.