Bitcoin market sentiment is stuck in a stalemate, with the spot and perpetual contract markets showing completely different trends. Traders are engaged in fierce battles on two fronts.

**Spot Market: Hesitation in the Uptrend Channel**

Historically, Bitcoin tends to go through three phases after a decline: bullish surge, bearish testing, and then a sharp rally. This logic has proven reliable in the past, but the situation has changed now. Although whales have absorbed $113 million in the past two days, with a net inflow of over $4.1 billion in December, the growth rate has significantly slowed. More concerning is the quiet increase in sell order pressure, and the bears are getting closer.

The spread in the spot market is also narrowing, which is usually a sign of waning bullish momentum. Institutional buyers' enthusiasm is cooling down, often signaling the beginning of the next correction.

**Perpetual Contracts: Bulls Have Full Control**

Unlike the indecision in the spot market, perpetual contracts are completely dominated by bulls. Buying pressure has completely overwhelmed sellers, with 24-hour trading volume surging 151% to $53.2 billion, creating a market filled with strong bullish sentiment.

Funding rates remain steady at +0.0077%, with bulls continuously harvesting bears. Yesterday’s liquidation data best illustrates the situation—$40.56 million in short positions were liquidated, while longs only lost $2.47 million, a highly disproportionate ratio. The short camp is already heavily wounded.

**Key Nodes**

The next move for Bitcoin depends on whether bulls and bears can unite. If spot market skeptics and perpetual market bulls can work together, the bull market still has room to continue. But if selling pressure emerges at high levels in the spot market, the futures market bulls will face a chain reaction. This battle is far from over.