Recently, price volatility has decreased, returning to the liquidity cycle.

The roles of bulls and bears in the futures market have shifted, oscillating for nearly five days. There has not been a significant accumulation of bullish liquidity below the range, while bearish liquidity has continued to accumulate at high levels, with short-term investors leaning more towards short positions, and the bearish leverage ratio exceeding that of the bulls.

Although there is substantial bullish liquidity below 85000, it lacks intermediate strength or support from spot supply, making spontaneous liquidation difficult to establish, and prices may reach new highs. The bearish positions have basically gathered at the 96000 level.

The current liquidity distribution and ASR channel trend are bullish, but there are uncertainties in the macro environment, and market trends often contradict the direction most people bet on.