PANews reported on November 12th that Matrixport's chart analysis today indicates that crypto trading volume is unusually low compared to market capitalization expansion. Over the past 12 months, market capitalization has increased from $2.4 trillion to $3.7 trillion, while average daily trading volume has shrunk from $352 billion to $178 billion (a 50% decrease). This shrinking volume reflects cooling market participation and weakening momentum, constituting a structurally cautious signal. On-chain signals suggest that Bitcoin may have entered a phase of bear market; although catalysts have emerged, short-term momentum may be insufficient to drive sustained upward movement. Against the backdrop of low liquidity, exchanges are under significant pressure, and market activity and trading revenue continue to be suppressed.PANews reported on November 12th that Matrixport's chart analysis today indicates that crypto trading volume is unusually low compared to market capitalization expansion. Over the past 12 months, market capitalization has increased from $2.4 trillion to $3.7 trillion, while average daily trading volume has shrunk from $352 billion to $178 billion (a 50% decrease). This shrinking volume reflects cooling market participation and weakening momentum, constituting a structurally cautious signal. On-chain signals suggest that Bitcoin may have entered a phase of bear market; although catalysts have emerged, short-term momentum may be insufficient to drive sustained upward movement. Against the backdrop of low liquidity, exchanges are under significant pressure, and market activity and trading revenue continue to be suppressed.