Crypto prices are holding up surprisingly well relative to actual onchain participation


Retail trading volume is down 95% in two years
Active wallets, DEX activity, social engagement, app usage are all sitting at multi year lows
The retail economy around crypto has essentially evaporated while prices held
That’s either a massive disconnect or prices are front running a recovery in usage that hasn’t happened yet
The real money for retail was never Bitcoin going up. It was the liquidity and activity that came with it
That’s what’s missing
BTC-0.58%
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