BlockBeats News, May 18th, according to analyst Yu Jin, the current market trading enthusiasm is much lower than the last bear market bottom (December 2022).

BTC: During the last cycle bottom, the average daily trading volume on BTC/USDT on Binance was around $20 billion, but now it is only around $5 billion. Based on the pullback range of the last bear market, it is expected that this market cycle's bottom will be around $31,000.

ETH: During the last cycle bottom, the average daily trading volume on ETH/USDT was around $4 billion, but now it is only around $2 billion.

BNB: During the last cycle bottom, the average daily trading volume on BNB/USDT was around $50 million, which is the same as the current level.

It is worth noting that the current price of Bitcoin is much higher than the last bear market bottom, so if calculated in BTC terms, the market trading enthusiasm is even more pessimistic.

BlockBeats believes that the crypto bear market is painful, but the tokenization of some high-quality Real World Assets (RWA) and on-chain securitization (such as US stocks, gold, oil, etc.), intensifying capital diversion and market attention diversion, is also one of the main reasons for the above phenomenon.

In addition, the rise of AI has demystified crypto technology, and the lack of crypto innovation has also led market participants to vote with their feet.