Analysis: The spot BTC relative trading volume has declined, with the long squeeze fading and possibly entering another consolidation phase

BlockBeats News, on June 17, according to on-chain data analyst Murphy, the current market focus should not be solely on "Bitcoin spot trading volume" itself, but on "relative spot trading volume" (i.e., spot trading volume divided by the past 30-day average). This indicator measures the relative level of market activity, but does not have the ability to indicate a single direction and needs to be interpreted together with price-volume structure analysis.

Structurally, Bitcoin retested the February low in June, but the relative trading volume during this round of testing is significantly lower than in February, indicating that in a similar price range, the selling pressure during the second dip has clearly weakened. This combination of "prices retesting lows but trading volume decreases" is often regarded by the market as a sign of temporary exhaustion in selling pressure.

On the derivatives side, since April, the perpetual contract funding rate has undergone significant changes: earlier periods of negative premium triggered short squeezes and drove price rebounds, but by mid-May, the negative premium gradually disappeared and shifted to a clearly positive premium, after which the market rebound ended and entered a correction phase.

Currently, the funding rate structure has gradually returned to a normal range, which means that the previous impact caused by crowded long positions and leverage-driven downward momentum is weakening and the long/short structure is starting to balance out.

Overall, spot demand remains weak, but selling pressure is decreasing at the margin. Coupled with the diminishing influence of leverage on the derivatives side, the market is moving closer to the rhythm seen in February–March, possibly entering a new "sideways bottom formation" phase, but there is not yet a clear sign of trend reversal.