Volume dies completely in bear markets

We’re not even in a proper bear market and its already collapsing

Just see dex trading volume metrics or OpenSea volume data on Dune.com - a much better indicator of the state of the crypto markets since you can’t hide on chain data

> Coinbase doesn't need to care about the value of crypto, it makes money on fees when people buy or sell against USD

Coinbase ran a gambling business like an exchange business. That's their mistake. The guys who knew they were running unregulated slot machines are doing fine.

Volume barely exists during a bear market. Attention is the currency by which crypto lives and dies. Even negative attention is attention. A bear market is the lack of attention. It has nothing to do with the macro price of any coin.

The problem is, there are a number of other exchanges out there, and they are going to need to get competitive on fees. They aren't the only game in town now and other exchanges are advertising heavily.

But they almost always are a lot lower during bear cycles.

The value of crypto drives interest and thus trading volumes.