The chart below is quite insightful! The activity in the BTC spot market has dropped to extremely low levels since the start of this bear market. The orange line in the chart represents the 7-day moving average of overall spot trading volume, while the black line excludes Binance. The black line is more suitable for cross-cycle comparisons. Currently, spot trading volume excluding Binance has approached the bear market lows of 2023. Extremely low trading volume usually indicates the market is entering a liquidity contraction phase: selling pressure may be weakening, but new demand is also insufficient. Therefore, it can serve as a supplementary signal for the late stages of a bear market or a bottoming phase, but it cannot independently confirm the cycle bottom. In my opinion, the core supply-demand issue for Bitcoin right now is that both buyers and sellers are very passive! Low momentum, sluggish trading volume, and converging structural patterns—this stalemate will eventually be broken by a major breakout. The end of a bear market doesn’t necessarily mean the bottom price has been reached. There’s still a high chance of one final, fatal blow: a sharp crash to create a "golden pit," flushing out weak longs and harvesting short positions and bearish funds. Let’s wait and see—patience is key. #BTC #Crypto #BearMarket