BTC dominates the market with a trading volume of $49 billion, far surpassing ETH's over $20 billion. It seems the king of cryptocurrencies remains as solid as a rock.

What does such a large trading volume indicate? First, liquidity is undeniable—buying or selling can be executed quickly. Second, the attention is indeed high; whether institutional or retail investors, everyone is watching BTC's movements. Third, the divergence between bulls and bears is significant; otherwise, the trading volume wouldn't be so fierce.

But there's a key question: Is this $49 billion trading volume driven by new funds entering the market, or is it the existing on-chain funds competing against each other? If it's the former, BTC should be on the rise. If it's the latter, it's likely oscillating within a range.

Looking at the candlestick chart, BTC is currently bouncing between $85,000 and $90,000. Although the trading volume isn't small, the price hasn't broken through yet—this often indicates that a decision is imminent in technical analysis. Either a breakout upward or a downward plunge, the moment of choice is approaching.

Comparing tokens like SOL and XRP, their trading volumes also look decent on the surface, but when placed alongside BTC, they are in a different league. This shows that funds are mainly still attacking or defending BTC; only when the king stabilizes can other tokens have a chance to perform.

From a trading perspective, high volume calls for caution. The fierce battle between bulls and bears can easily trigger stop-losses. It's better to wait for the volume to subside and the trend to become clearer before jumping in.