Chain Analyst Notes Current Crypto Trading Activity Far Below Previous Bear Market Bottom

According to on-chain analyst Ember (@EmberCN), current market trading enthusiasm has fallen below the levels seen at the bottom of the previous bear market in December 2022, as reflected in the following: On-chain trading volume comparison: • BTC/USDT daily trading volume has declined from approximately $2 billion at the previous bottom to around $500 million today; the current price is 4.5 times higher than the previous bottom, and this cycle has retraced -38% from its peak. If following the previous cycle’s -75% retracement, the bottom of this cycle may be near $31,000. • ETH/USDT daily trading volume has dropped from approximately $400 million to around $200 million; the current price is 1.7 times higher than the previous bottom, and this cycle has retraced -54% from its peak. If following the previous cycle’s magnitude, the bottom of this cycle may be around $1,150. • BNB/USDT daily trading volume remains flat compared to the previous bottom, at approximately $50 million; the current price is 2.7 times higher than the previous bottom, and this cycle has retraced -50% from its peak. If following the previous cycle’s -65% retracement, the bottom of this cycle may be around $450.