Many market-watchers have been tracking trading volumes fastidiously given that a great number of investors had left crypto altogether following 2022’s string of scandals and company downfalls, which left mom-and-pop investors, in particular, saddled with losses. In addition, a “substantial portion” of the decline can be attributed to exchange Binance’s re-introduction of trading fees, according to K33.
Despite the tailwinds of a possible Bitcoin ETF and some recent regulatory clarity for the sector, large investors are still in no rush to enter the crypto market, says Noelle Acheson, author of the “Crypto Is Macro Now” newsletter. That could be for a few reasons, including still-ongoing uncertainties, such as potential future adverse rulings on ongoing legal cases and the unveiling of some recent DeFi vulnerabilities, among other things. As to professional investors, they tend to move in packs and aren’t yet seeing others stepping in.