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Analyst: Current trading enthusiasm in the crypto market is far below the bottom of the last bear market.
Deep Tide TechFlow News. On May 18, on-chain analyst Yu Jin ( @EmberCN ) monitored that the current market activity level has fallen below the bottom level of the previous bear market in December 2022. This is mainly reflected in the following:
On-chain trading volume comparison:
BTC/USDT: The daily average trading volume has dropped from about $2.0 billion at the previous bottom to about $500 million currently. The current price is 4.5x the previous bottom. This round has seen a pullback of -38% from the high point; if we reference the previous round’s pullback of -75%, the bottom of this round may be around $31,000.
ETH/USDT: The daily average trading volume has fallen from about $400 million to about $200 million. The current price is 1.7x the previous bottom. This round has seen a pullback of -54% from the high point; if we reference the previous round’s pullback, the bottom of this round may be around $1,150.
BNB/USDT: The daily average trading volume is the same as the previous bottom, at about $50 million. The current price is 2.7x the previous bottom. This round has seen a pullback of -50% from the high point; if we reference the previous round’s pullback of -65%, the bottom of this round may be around $450.