Remember when everyone said institutions would bring endless liquidity to crypto? Spot trading volume just hit its lowest level since October 2023. -46% YoY -67% from the 2025 peak Meanwhile, crypto exchanges are rushing to offer gold ( $XAU), silver ( $XAG), oil ( $WTI), and stock perpetuals. That tells you everything. The growth story isn't crypto right now. It's everything outside of it.
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