Analysis: Short-term long-term power returns to long-term equilibrium, and a new trend direction is brewing

On September 28th, on-chain data analyst Murphy published an article saying that the perpetual contract long-short volume difference (VDB) is used to measure the difference between active buying and active selling volume. Positive value indicates that the long power is stronger, negative value indicates that the short power is stronger, and the comparison of the 90-day median is equivalent to a medium and long-term "anchor point" or "balance line" to determine whether the current trend of long-short power is relatively strong or weak.
The current VDB of Binance and other mainstream trading platforms has all returned to the 90-day median, indicating that the short-term long-short power has returned to the long-term equilibrium point, and the market has no obvious "continuous buying tilt" or "continuous selling tilt" for the time being. The previous short-term trend (whether it is too long or too short) is fading, and the market power is returning to equilibrium. This phenomenon often occurs in the transition period of the market, that is, the trend may be brewing a new direction. If the VDB can continue to remain above neutral and start to bias positive, it means that the funds have gradually returned to the buyer's side, which is conducive to the rebound of the short-term market. But even if there is a short-term rebound, it is still necessary to include the SSH-RP (short-term holder realization price) as an important judgment basis, currently around $111,500. If it cannot break through, and VDB turns negative quickly here, it means that selling pressure has regained the upper hand, and the price may face further correction.