CoinKarma, in an article published on the X platform, stated that the cryptocurrency market has returned to an in-market game phase, with in-market factors becoming key to short-term price fluctuations. In the absence of clear external incremental funds, the crypto market is primarily driven by the circulation of in-market funds, with short-term price fluctuations stemming from changes in in-market fund flows and overall liquidity. CoinKarma observed through USDC/USDT Premium (measuring the premium/discount of USDC relative to USDT) and Overall LIQ (a weighted liquidity indicator for the overall market) that when USDC/USDT Premium turns positive, it reflects a decrease in the active selling of BTC/USDT by dominant market funds. Currently, USDC/USDT Premium and Overall LIQ are resonating again, suggesting a high probability of a short-term bottoming out and rebound. CoinKarma also pointed out that compared to the previous stage, the medium-to-long-term trend remains bearish, and potential selling pressure should be monitored.