Crypto spot volumes hit $1.27T in March which is lowest since Sept 2024.

But derivatives dominance reached 76.5% which was highest since Sept 2023.

BTC

74,028.01

+1.00%

No one's accumulating. Everyone's positioning with leverage.

Watch for spot volume to pick back up. When real buyers return into a market this loaded with leverage, moves get outsized in both directions.

XAUT

4,550.03

+1.29%