Crypto Scenario Insights
What happened
Crypto trading volumes for major non-stablecoin assets have reached two-year lows amid macro uncertainty and investor fatigue.
What we think
From a market-structure perspective, the combination of multi-year low trading volumes and negative realized cap changes points to a highly illiquid market regime.
Read the analysis
Crypto trading volumes hit 2-year lows — is a liquidity-starved relief rally imminent or is deeper capitulation ahead?
We explain what happened and what could follow. We do not forecast prices.