Analyst: BTC perpetual contracts have returned to a balanced state of long and short positions, and may be in the process of incubating a trend in the short term

On-chain data analyst Murphy noted that the perpetual swap volume difference (VDB) has returned to its 90-day median on exchanges like Binance and Bybit, indicating a return to a balanced bullish and bearish outlook. The market hasn't yet seen a sustained buying or selling bias. This typically signals a transitional period. If the VDB remains above neutral and turns positive, it could fuel a short-term rebound. However, he cautioned that the current key reference level is the STH-RP (approximately $111,500). If the price fails to break through and the VDB turns negative again, it could trigger a new round of selling pressure.