Trading volumes have fallen to their lowest level since November, standing at just above $11 billion at the time of writing.
While the global crypto market cap is now seemingly eyeing $300 billion, down some 60% since its all time high above $800 billion.
A sea of red greets cryptonians today, with ethereum falling below $600 once again as it tests the recent February bottom.
Trading volumes of $100 million or less are becoming common for cryptos outside of the top ones, while the big five are seeing some of the lowest volumes in months.
The above shows bitcoin cash is somewhat bucking the trend, but it ignores its brief rise yesterday above $1,000, with it so seemingly sidewaying.
A more interesting stat for bitcoin is its average blocksize. It has fallen to its lowest level since September when China’s ban of crypto exchanges caused a brief crash.
If we ignore that brief episode, then we’d have to go as far back as 2016 to see similar levels of demand for bitcoin transaction space.
Transactions themselves are down to August levels, maintaining that range now for a few weeks. Suggesting fewer people have bitcoin.
These stats further indicate that although there are suggestions of price manipulation, it does appear to be mainly the case that people are just sitting on fiat.
Whether they are doing so to find a lower price of entry, biting their time until the picture clears, or whether they’ve moved on to other things instead, is unclear at this stage.
Just as it is unclear how long this selling will continue, a selling that has now lasted for some three months and appears to not relent much.
With the biggest puzzle remaining why all cryptos seem to act in unison. Our preferred theory is that all anyone knows about is bitcoin, with the rest, including ethereum, not quite reaching the same level of awareness as BTC has.