
I've been in crypto for years. And I've never seen exchanges move into gold in the middle of a crypto cycle. Why? Because crypto spot trading volume has fallen to $679B - the lowest level since late 2023. That's down 46% from last year and 67% from the peak. Retail traders have largely disappeared. Exchanges didn't sit around waiting. They moved into gold, silver, and oil. Those markets are already doing $450B in monthly volume. They followed the money. Crypto isn't dead. But the crowd has left.

