WHALE WATCH: Spot trading volume hitting a 25 month low at 951.8B for April shows exactly where we are in the cycle.

Volume is now down roughly 63% from the late 2024 peak of 2.6T. The market is stuck in a low volatility consolidation phase where retail interest has completely dried up for the summer.

Quiet markets never stay quiet forever. Smart money is using this low liquidity environment to quietly accumulate $BTC and $ETH before the next expansion phase.