Measured in coins rather than dollars, so the price decline does not flatter it, spot volume has fallen to its lowest since 2019. Stripping out Binance, whose zero-fee promotion inflated tracked volume through 2022 and 2023, gives a similar picture, though on that cut it sits above the depths of the last bear. Low volume is less a directional signal than a description of who is left. With cash paid to wait, a good deal of it appears to be waiting.
August 29, 2026 399
