On September 28, online data analyst Murphy issued a document stating that the long-short trading volume margin (VDB) of perpetual contracts is used to measure the difference between active buying and active selling volumes. A positive value indicates that the bulls are stronger, and a negative value indicates that the bears are stronger. Compared with the 90-day median, it is equivalent to a medium-and long-term "anchor point" or "balance line", which is used to judge whether the current trend of long and short forces is in a relatively strong or weak state. At present, all VDBs of Binance and other mainstream trading platforms have returned to the 90-day median, indicating that the short-term long-short power has returned to the long-term equilibrium point, and there is no obvious "continued buying tilt" or "continued selling tilt" in the market for the time being. Previous short-term trends (whether bullish or bearish) are fading and market forces are back into equilibrium. This phenomenon often occurs during the transition period of the market, that is, the trend may be brewing in a new direction. If the VDB can continue to remain above neutral and start to tilt towards positive values, it means that the funds will gradually rejoin the buyer, which will be conducive to a rebound in the short-term market. However, even if there is a short-term rebound, STH-RP (Short-Term Holders 'Realization Price) will still be included as an important basis for judgment, which is currently around US$111,500. If a breakthrough cannot be achieved and the VDB quickly turns negative here, it means that selling pressure has regained the upper hand and the price may face further adjustment.