Trading volumes on exchanges continue to decline, while retail trading remains hesitant.

Despite the fact that the price of Bitcoin is close to historical highs, trading volumes on exchanges remain at multi-year lows, indicating low interest in trading.

Part of this low volume is due to a larger share of spot ETFs in the overall trading volume of Bitcoins, but a significant portion is still due to low interest in altcoins.

This low volume does not coincide with periods of euphoria or high demand for cryptocurrencies and Bitcoin, indicating that the current structure of Bitcoin is being shaped more by conscious distributors rather than inexperienced speculators.

It will be necessary to monitor these peaks of activity, as when we see a return of this demand, we are likely to be close to a new local peak.