Once again, a bloodbath—this is probably the most direct feeling many contract traders have today. After the rapid plunge following the market’s sharp decline, the price of a popular coin almost gave back half a month’s gains, directly falling back into the dense trading zone from the previous rapid rally.

But the truly interesting part isn’t the glaring red candles and liquidation data, but the "dead silence" signals deep within the market—these details may be brewing the turning point for the next wave of行情.

**Volume-Price Divergence: Is Selling Pressure Really Near Exhaustion?**

Looking closely at this decline’s trajectory, you’ll notice several intriguing features:

It started with an almost vertical sell-off—huge trading volume, clearly showing panic and forced liquidations fleeing en masse. This is normal; everything that should happen during a sharp drop has happened.

The key is in the subsequent evolution. As the price enters a pattern of repeated small rebounds followed by further declines, trading volume shows a significant shrinkage. In simple terms, "the price keeps falling, but trading volume is getting smaller."

This phenomenon is called volume-price divergence, often indicating that the most intense selling wave may have already passed. Remaining holders are either genuinely committed for the long term or are calmly watching, no longer rushing to cut losses. Once the selling pressure is truly exhausted, a rebound isn’t far off.

**Details in Contract Data**

Just looking at price and volume isn’t enough. The open interest data in the futures market can truly reflect traders’ current sentiment.

An interesting phenomenon worth noting: despite the sharp decline in price, the long-short positions on major trading platforms haven’t shown extreme divergence. What does this mean? It indicates that the market isn’t trapped in a one-sided despair; the bulls are still holding, leaving enough momentum for a subsequent rebound.

Of course, liquidation data is indeed shocking, but this is precisely the market’s clearing process. Extreme situations often precede reversals.

**Seeing Opportunities in "Dead Silence"**

This is the current market state: prices have fallen, but the market has become "quiet." This quiet isn’t despair but buildup. Traders are waiting—for the selling pressure to truly exhaust itself, for the first bullish candle to appear.

The next move will be signaled by technical analysis. Either trading volume suddenly surges along with a rebound, marking the moment for buyers to step in; or prices continue to weaken while volume keeps shrinking, indicating that the selling ammunition is running out.

Regardless of the scenario, this "dead silence" at this point shouldn’t be interpreted as despair—on the contrary, it may be marking a turning point.