TechFlow news: On May 18, blockchain analyst Yu Jin (@EmberCN) observed that current market trading enthusiasm has fallen below the level seen at the bottom of the previous bear market in December 2022, as evidenced by the following points:
On-chain trading volume comparison:
- BTC/USDT daily trading volume has declined from approximately $2 billion at the previous bottom to roughly $500 million currently; the current price is 4.5 times that at the previous bottom, and this cycle’s peak-to-trough drawdown stands at -38%. If we reference the previous cycle’s -75% drawdown, the bottom for this cycle may be near $31,000.
- ETH/USDT daily trading volume has dropped from approximately $400 million to around $200 million; the current price is 1.7 times that at the previous bottom, and this cycle’s peak-to-trough drawdown is -54%. If we reference the previous cycle’s drawdown magnitude, the bottom for this cycle may be near $1,150.
- BNB/USDT daily trading volume remains flat compared to the previous bottom, at approximately $50 million; the current price is 2.7 times that at the previous bottom, and this cycle’s peak-to-trough drawdown is -50%. If we reference the previous cycle’s -65% drawdown, the bottom for this cycle may be near $450.
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