A few days ago, someone asked in the comments about the "Exchange Purchasing Power Indicator" and the recovery signal from 0 to 1. Which exchanges are specifically making efforts? Honestly, based on the data I have, the contribution from a leading exchange is the most obvious.

You can see the clue from the BTC spot trading volume difference (VDB) — this indicator mainly reflects the net difference between active buy orders and active sell orders. Currently, the VDB of a leading exchange and other exchanges have rebounded from the bottom and have also broken through the 90-day median line, indicating that active buyers are indeed warming up.

But here’s an interesting detail: a compliant platform’s VDB is still below the red line. Although it also crossed the red line between November 22 and December 9, the breakout was more moderate, and the momentum of active buying was not as fierce.

Comparing this to the previous two periods with red shading—August to September 2024, and March to April 2025—it’s clear that during those times, the VDB of the three exchanges was consistently above the red line. Especially when BTC was falling, the buying power of investors on a compliant platform played a key role.

Therefore, based on the "Exchange Purchasing Power Indicator" recovery signal, I tend to believe this is a rebound expectation rather than a trend reversal. Of course, if later on, active buyers on a compliant platform also start to follow suit, then the situation would need to be reassessed.