Spot exchange volume just hit $951.8B in April — lowest in 25 months.

This is capitulation territory. Retail's gone. Liquidity dried up. Classic bottom signal or dead cat?

Watch for:

→ Institutional OTC flows picking up

→ Stablecoin dominance shifts

→ Derivatives funding rates staying neutral

Low volume = big moves incoming. Either we're coiling for a breakout or grinding lower into summer.

Data: CryptoRank