[On-Chain Data: Bull and Bear Forces Return to Balance, Trend May Be Brewing a New Direction] On September 28, on-chain analyst Murphy stated that the perpetual contract long-short volume difference (VDB) has returned to the 90-day median, indicating that the market's bull and bear forces have temporarily regained balance, with no significant bias toward buying or selling pressure at present. This phenomenon typically occurs during transitional periods in the market and may signal the formation of a new trend direction. If the VDB continues to lean positive, capital may flow back to the buyers, supporting a short-term rebound. However, attention should be paid to the realized price of short-term holders ($111,500). If this level is not breached and the VDB turns negative, the market may face further adjustments. This analysis is for reference only and does not constitute investment advice.