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12 Mar 2026, 10:45

USD/TRY Analysis: Critical Pause Masks Turkey’s Looming Inflation Crisis – Commerzbank

BitcoinWorld USD/TRY Analysis: Critical Pause Masks Turkey’s Looming Inflation Crisis – Commerzbank ISTANBUL, March 2025 – The USD/TRY currency pair shows deceptive stability, according to recent Commerzbank analysis, masking significant underlying inflation risks within Turkey’s economy. This tactical pause in the Turkish lira’s depreciation against the US dollar creates a precarious situation for investors and policymakers alike. Market observers now scrutinize whether current exchange rate levels reflect economic fundamentals or temporary intervention effects. USD/TRY Technical Analysis Reveals Underlying Pressures Commerzbank’s foreign exchange strategists identify concerning patterns within recent USD/TRY movements. The currency pair has traded within a narrow range of 32.50 to 33.20 since January 2025, representing unusual stability after years of consistent depreciation. However, this apparent calm contradicts Turkey’s persistent inflation metrics. The Turkish Statistical Institute reports annual inflation at 68.5% as of February 2025, significantly exceeding the central bank’s year-end target of 36%. This divergence between currency stability and price pressures signals potential market intervention rather than organic equilibrium. Market participants monitor several key technical levels for the USD/TRY pair. A decisive break above 33.50 could trigger accelerated depreciation, while sustained movement below 32.00 might indicate genuine stabilization. The 50-day moving average currently sits at 32.85, providing immediate resistance. Trading volumes have decreased by approximately 15% during this consolidation period, suggesting reduced market conviction about current price levels. Turkey’s Inflation Dynamics and Monetary Policy Challenges Turkey’s inflation landscape presents complex challenges for currency valuation. The country’s consumer price index has remained stubbornly elevated despite aggressive monetary tightening by the Central Bank of the Republic of Turkey (CBRT). Since June 2023, the policy rate has increased from 8.5% to 45%, representing one of the most dramatic tightening cycles globally. However, inflation persistence suggests structural issues beyond monetary policy alone. Several factors contribute to Turkey’s inflation resilience: Exchange rate pass-through: Previous lira depreciation continues feeding into import prices Wage pressures: Minimum wage increases of 49% in January 2024 and 34% in January 2025 Administrated prices: Government-controlled energy and transportation costs Inflation expectations: Household and business surveys show entrenched high expectations The CBRT faces difficult trade-offs between supporting economic growth and containing inflation. Recent policy statements emphasize commitment to disinflation, but market participants question implementation consistency given political considerations ahead of upcoming local elections. Commerzbank’s Expert Assessment of Currency Risks Commerzbank’s emerging markets research team provides detailed analysis of Turkey’s currency situation. Senior strategist Ulrich Leuchtmann notes, “The current USD/TRY stability represents tactical positioning rather than fundamental improvement. Our models suggest fair value between 34.50 and 35.20 based on inflation differentials and current account dynamics.” The bank’s assessment incorporates multiple valuation methodologies including purchasing power parity, behavioral equilibrium exchange rate models, and external sustainability approaches. Commerzbank identifies three primary risk scenarios for the Turkish lira: Scenario Probability USD/TRY Target Key Triggers Orderly Adjustment 40% 34.00-35.00 Gradual policy normalization, improved external financing Accelerated Depreciation 35% 38.00-40.00 Policy reversals, sudden stop in capital flows, election uncertainty Sustained Stability 25% 32.00-33.50 Successful inflation fight, substantial foreign direct investment inflows The research highlights Turkey’s external vulnerabilities as particularly concerning. The country’s gross external financing needs exceed $200 billion for 2025, with foreign exchange reserves providing limited coverage. Net international investment position stands at -$250 billion, representing approximately 25% of GDP. Global Context and Comparative Currency Analysis The USD/TRY situation occurs within broader emerging market currency dynamics. Compared to peers, the Turkish lira has underperformed significantly over multiple time horizons. Since 2020, the lira has depreciated approximately 400% against the US dollar, while the Mexican peso declined only 15% and the Brazilian real appreciated 20% during the same period. This relative performance highlights Turkey’s unique challenges. Several factors differentiate Turkey from other emerging markets: Policy credibility gap: Frequent changes in economic leadership and strategy Dollarization trends: Foreign currency deposits exceed 60% of total deposits Geopolitical positioning: Complex relationships with Western allies and regional powers Energy dependency: Nearly complete reliance on imported energy resources International investors monitor Turkey’s engagement with multilateral institutions. Successful completion of the current IMF monitoring program could provide important validation for economic policies. However, negotiations remain delicate given political sensitivities surrounding conditionality requirements. Market Implications and Investment Considerations The current USD/TRY configuration creates specific opportunities and risks for different market participants. Export-oriented Turkish corporations benefit from competitive exchange rates but face input cost pressures. Import-dependent sectors struggle with elevated costs despite recent stability. Foreign investors weigh attractive local currency yields against depreciation risks and capital controls. Forward markets price significant depreciation over coming months. One-year non-deliverable forwards trade around 38.50, implying approximately 15% depreciation from spot levels. This forward premium reflects market skepticism about sustained stability. Options markets show elevated implied volatility, particularly for upside USD/TRY moves, indicating investor demand for protection against sharp lira weakening. Portfolio flows provide important signals about market sentiment. Foreign ownership of Turkish government bonds remains near historic lows at approximately 1% of total outstanding, compared to over 20% before the 2018 currency crisis. Equity market foreign participation has stabilized around 55% of free float, but remains vulnerable to sudden outflows during periods of market stress. Conclusion The USD/TRY currency pair’s current stability represents a tactical pause rather than fundamental resolution of Turkey’s economic challenges. Commerzbank’s analysis highlights significant inflation risks masked by apparent exchange rate calm. Market participants should monitor several key indicators including inflation persistence, policy consistency, and external financing conditions. The Turkish lira’s trajectory will significantly impact broader emerging market sentiment and global risk appetite. Prudent risk management remains essential given elevated uncertainty surrounding Turkey’s economic outlook and the USD/TRY exchange rate path. FAQs Q1: What does Commerzbank mean by “tactical pause” in USD/TRY? Commerzbank analysts use this term to describe temporary exchange rate stability that doesn’t reflect underlying economic fundamentals. They believe current USD/TRY levels result from market intervention and positioning rather than genuine improvement in Turkey’s inflation or external balance situation. Q2: How does Turkey’s inflation compare to other emerging markets? Turkey’s inflation rate of 68.5% significantly exceeds most emerging market peers. Brazil reports 4.5% inflation, Mexico 4.8%, and Indonesia 2.8% as of February 2025. Only Argentina and Venezuela show higher inflation rates among major economies. Q3: What factors could trigger renewed USD/TRY depreciation? Potential triggers include policy reversals by the Turkish central bank, deterioration in external financing conditions, political uncertainty around elections, acceleration in dollarization trends, or renewed geopolitical tensions affecting investor sentiment. Q4: How do forward markets price future USD/TRY movements? One-year non-deliverable forwards currently trade around 38.50, implying approximately 15% depreciation from current spot levels over the next twelve months. This forward premium reflects market expectations for continued lira weakness despite recent stability. Q5: What should investors monitor regarding Turkey’s currency situation? Key indicators include monthly inflation data, central bank policy decisions and communications, foreign exchange reserve levels, current account balance developments, portfolio flow data, and political developments affecting economic policy consistency. This post USD/TRY Analysis: Critical Pause Masks Turkey’s Looming Inflation Crisis – Commerzbank first appeared on BitcoinWorld .

12 Mar 2026, 10:40

Indian Rupee Stages Resilient Recovery as Strategic RBI Intervention Counters Oil Price Pressure

BitcoinWorld Indian Rupee Stages Resilient Recovery as Strategic RBI Intervention Counters Oil Price Pressure MUMBAI, March 2025 — The Indian Rupee has staged a significant recovery against the US Dollar this week, reversing recent losses as decisive intervention by the Reserve Bank of India counters mounting pressure from elevated global oil prices. Market analysts confirm the central bank’s strategic currency management has provided crucial stability during volatile trading sessions. Indian Rupee Recovery: Analyzing the Turning Point The Indian currency strengthened to 82.85 against the US Dollar on Thursday, marking a 0.6% gain from Wednesday’s close. This recovery follows a challenging period where the rupee had weakened to 83.45 earlier in the week. The Reserve Bank of India deployed multiple tools to support the currency. These included direct dollar sales in spot markets and active management of forward positions. Consequently, market sentiment shifted noticeably. Traders reported reduced speculative pressure on the rupee. Furthermore, importers accelerated their dollar purchases to capitalize on favorable rates. Historical data reveals this intervention pattern aligns with RBI’s established framework. The central bank maintains substantial foreign exchange reserves exceeding $600 billion. Therefore, it possesses ample resources for market operations. Market participants closely monitor these reserve levels. They provide critical insight into intervention capacity. Additionally, the RBI employs a calibrated approach. It avoids defending specific exchange rate levels. Instead, it focuses on managing excessive volatility. This strategy has proven effective during previous episodes of currency pressure. Oil Price Dynamics and Currency Impact Global oil prices present the primary external challenge for the Indian Rupee. Brent crude futures have remained above $85 per barrel throughout March. India imports approximately 85% of its oil requirements. Consequently, higher prices directly increase the nation’s import bill. This creates natural downward pressure on the currency. However, recent developments have moderated this impact. OPEC+ production adjustments have stabilized supply. Meanwhile, global demand forecasts show modest revisions. Geopolitical tensions in key producing regions have also shown signs of easing. The relationship between oil prices and the rupee follows established economic principles. Analysts calculate that every $10 increase in oil prices typically widens India’s current account deficit by 0.4% of GDP. This relationship remains a key consideration for currency traders. Recent government measures have also provided support. Strategic petroleum reserve releases have increased domestic supply. Additionally, diversification of import sources has enhanced energy security. These factors collectively reduce the rupee’s sensitivity to oil price fluctuations. Expert Analysis: Central Bank Strategy Financial institutions have published detailed assessments of the RBI’s approach. Morgan Stanley analysts note the central bank’s “multi-pronged strategy” combines market intervention with communication guidance. They emphasize that clear signaling reduces speculative activity. Similarly, Standard Chartered researchers highlight the importance of forward market operations. These tools allow the RBI to manage expectations without depleting spot reserves. Domestic banking executives confirm receiving guidance on managing currency exposures. This coordinated approach strengthens overall market stability. Historical comparison provides valuable context. During the 2022 currency crisis, the RBI deployed similar intervention tactics. However, current operations show greater sophistication. The central bank now utilizes a broader toolkit. This includes non-deliverable forward markets and strategic timing of interventions. Market participants have responded positively to this evolved approach. Volatility metrics indicate reduced currency swings. Moreover, option pricing suggests lower expectations for extreme moves. These developments support sustained rupee stability. Economic Fundamentals Supporting Recovery Beyond direct intervention, several economic factors support the rupee’s recovery. India’s GDP growth continues to outpace major economies. Recent quarterly data shows 6.5% expansion. This growth differential attracts foreign investment. Portfolio flows have turned positive in recent weeks. Foreign institutional investors purchased approximately $1.2 billion in Indian equities during March. Additionally, bond market inflows have increased following index inclusion developments. These capital movements provide natural support for the currency. Trade data reveals improving fundamentals. February’s merchandise trade deficit narrowed to $18.7 billion. This represents a significant improvement from January’s $21.8 billion gap. Services exports continue to show robust growth. Software and business process outsourcing remain strong contributors. Remittance inflows from overseas Indians also provide consistent support. These structural strengths enhance the rupee’s resilience during external shocks. Global Context and Comparative Performance The Indian Rupee’s performance must be evaluated within global currency markets. Emerging market currencies have faced similar pressures from dollar strength. However, the rupee has demonstrated relative outperformance. Compared to regional peers, it has shown greater stability. For instance, the Indonesian Rupiah and Philippine Peso experienced larger declines. This comparative strength reflects India’s macroeconomic stability. Inflation remains within the RBI’s target range. Fiscal discipline has improved market confidence. Additionally, foreign exchange reserves provide substantial buffers. Global central bank policies create important cross-currents. The Federal Reserve’s interest rate decisions influence dollar strength. Recent indications suggest a potential pause in tightening cycles. This development supports emerging market currencies. European Central Bank and Bank of Japan policies also affect global liquidity conditions. Currently, these conditions remain favorable for capital flows to emerging economies. India stands to benefit from these trends given its growth prospects. Market Mechanisms and Technical Factors Currency markets operate through complex mechanisms that influence daily trading. Several technical factors contributed to the rupee’s recovery. First, importers accelerated dollar purchases at higher levels. This created natural support around 83.40 levels. Second, exporters increased hedging activity. They sold forward dollars to lock in favorable rates. Third, speculative positioning became excessively bearish. This created conditions for a technical reversal. Market metrics confirmed these developments through various indicators. Key technical levels provide important reference points for traders: Immediate support: 82.80-82.90 range Resistance zone: 83.20-83.30 area 200-day moving average: 82.65 level Year-to-date range: 82.50 to 83.45 These levels guide trading decisions and risk management strategies. Market participants monitor them closely for directional signals. Forward Outlook and Risk Considerations The rupee’s medium-term trajectory depends on multiple factors. Oil price movements remain the primary external variable. Geopolitical developments could alter supply dynamics. Domestic economic performance provides fundamental support. Continued growth should attract foreign investment. However, global financial conditions present potential risks. Tighter liquidity could reduce capital flows. The RBI maintains readiness to address excessive volatility. Its substantial reserves provide intervention capacity. Market participants expect the central bank to continue its balanced approach. Several scenarios could influence future currency movements: Scenario Potential Impact on Rupee Sustained oil above $90 Moderate depreciation pressure Global recession fears Risk-off flows, initial pressure Strong domestic growth Investment inflows, appreciation Dollar weakness trend Broad EM currency strength Monitoring these developments will be crucial for currency forecasting. Conclusion The Indian Rupee has demonstrated notable resilience through strategic RBI intervention. The central bank’s multi-faceted approach successfully countered oil price pressures. Market mechanisms and economic fundamentals provided additional support. Looking forward, the currency’s trajectory will reflect global oil dynamics and domestic growth performance. The RBI maintains substantial capacity for continued market operations. Consequently, excessive volatility appears unlikely in the near term. The Indian Rupee recovery thus represents both tactical success and structural strength. FAQs Q1: What specific actions did the RBI take to support the Indian Rupee? The Reserve Bank of India deployed direct dollar sales in spot markets, managed forward positions, provided guidance to banks, and utilized its substantial foreign exchange reserves to reduce volatility and support the currency. Q2: How do oil prices affect the Indian Rupee’s value? India imports approximately 85% of its oil needs, so higher global prices increase the import bill and dollar demand, creating natural depreciation pressure on the rupee through current account dynamics. Q3: What economic factors support the rupee beyond RBI intervention? Strong GDP growth, positive foreign investment flows, narrowing trade deficits, robust services exports, and substantial remittance inflows provide fundamental support for the currency. Q4: How does the rupee’s performance compare to other emerging market currencies? The Indian Rupee has shown relative outperformance compared to regional peers like the Indonesian Rupiah and Philippine Peso, reflecting India’s macroeconomic stability and substantial foreign exchange reserves. Q5: What are the key technical levels traders monitor for the USD/INR pair? Market participants watch immediate support at 82.80-82.90, resistance at 83.20-83.30, the 200-day moving average at 82.65, and the year-to-date range of 82.50 to 83.45 for directional signals. This post Indian Rupee Stages Resilient Recovery as Strategic RBI Intervention Counters Oil Price Pressure first appeared on BitcoinWorld .

12 Mar 2026, 10:35

Binance Futures-to-Spot Ratio Soars to 1.5-Year High, Signaling Critical Volatility Shift

BitcoinWorld Binance Futures-to-Spot Ratio Soars to 1.5-Year High, Signaling Critical Volatility Shift Singapore, April 2025 – A critical metric on the world’s largest cryptocurrency exchange, Binance, has surged to levels not seen in eighteen months, potentially foreshadowing a period of significant price turbulence across digital asset markets. According to data from the analytics platform CryptoQuant, the futures-to-spot trading volume ratio on Binance has climbed to approximately 5.1. This pivotal increase suggests that for every dollar traded in spot markets, more than five dollars are now being traded in derivative contracts like futures and perpetual swaps. Consequently, market analysts are highlighting this surge as a traditional precursor to heightened volatility, urging traders to exercise heightened caution in the coming weeks. Understanding the Binance Futures-to-Spot Ratio Surge The futures-to-spot ratio serves as a fundamental barometer for market sentiment and structure. Essentially, it measures the relative trading activity between derivative products and the immediate buying and selling of assets. A rising ratio, such as the current 5.1 reading, typically indicates one of two scenarios: a decline in spot market activity or, more significantly, an explosive growth in derivatives trading. CryptoQuant analyst maartunn, who first flagged this data point, attributes the current spike to the latter. “This increase stems from the structural expansion of the derivatives market itself,” the analysis noted, emphasizing that spot volumes have remained robust rather than collapsed. Historically, markets experience greater price instability when derivatives volumes heavily outweigh spot volumes. This dynamic occurs because leveraged positions in futures markets can amplify both gains and losses, leading to more aggressive liquidations and sharper price swings. For context, during the bull market peak of late 2021, similar elevated ratios often preceded corrections of 15% or more within short timeframes. Therefore, the current metric warrants close observation by both institutional and retail participants. The Structural Growth of Crypto Derivatives The derivatives market in cryptocurrency has undergone a profound transformation since its inception. Initially a niche segment, it has matured into a dominant force that frequently dictates short-term price action across all major exchanges. Several key factors drive this structural growth: Institutional Adoption: Hedge funds and proprietary trading firms increasingly use futures for hedging and speculative strategies, bringing substantial capital. Product Sophistication: Exchanges now offer a wider array of derivative products, including options, volatility tokens, and leveraged ETFs, attracting diverse traders. Regulatory Clarity: Evolving frameworks in jurisdictions like the EU and parts of Asia have provided a more stable environment for regulated derivatives trading. This growth is not isolated to Binance. However, as the global leader by volume, its metrics often set the tone for the broader ecosystem. Data from other analytics firms shows aggregate open interest across all crypto derivatives platforms nearing all-time highs, corroborating the trend of capital flowing into leveraged instruments. The table below illustrates the recent trajectory of key derivatives metrics: Recent Cryptocurrency Derivatives Market Metrics Metric Current Value Change (30 Days) Implication Binance Futures/Spot Ratio ~5.1 +22% High Volatility Signal Aggregate Open Interest ~$48 Billion +18% Increased Market Leverage Estimated Leverage Ratio ~0.25 +8% Higher Average Position Risk Expert Analysis and Historical Context Market veterans consistently reference historical patterns when evaluating such ratios. For instance, a similar ratio spike in mid-2023 preceded a two-week period where Bitcoin’s price oscillated within a 25% range, triggering over $800 million in leveraged position liquidations. Analysts like those at CryptoQuant stress that the ratio itself is not a direct price predictor but a reliable indicator of market *conditions* conducive to large swings. “Elevated futures activity creates a tighter coil for the market,” explained a veteran trader from a Singapore-based fund. “When combined with a major catalyst—like macroeconomic data or regulatory news—the resulting price move can be explosive in either direction.” Furthermore, the current macroeconomic backdrop adds layers of complexity. With shifting interest rate expectations and geopolitical tensions influencing traditional finance, cryptocurrency markets often see spillover effects. The growth in derivatives can be partly interpreted as traders seeking tools to manage this cross-asset volatility or to speculate on its outcome. This interplay between traditional finance sentiment and crypto-native metrics like the futures-to-spot ratio creates a multifaceted risk environment. Implications for Traders and the Market Ecosystem For active market participants, this elevated ratio translates into practical considerations. Firstly, the potential for increased funding rate volatility in perpetual swap markets rises significantly. Traders holding leveraged positions may face higher costs or unexpected fees. Secondly, stop-loss orders may be more prone to being triggered in a “whipsaw” market, where prices move violently in both directions without establishing a clear trend. Risk management, therefore, becomes paramount. For the broader ecosystem, sustained high derivatives activity underscores the market’s maturation but also its inherent risks. Exchanges must manage their own risk engines meticulously to prevent cascading liquidations. Meanwhile, regulators are likely scrutinizing these volume metrics to assess systemic risk within the digital asset space. The data presents a dual narrative: one of sophisticated financialization and one of amplified fragility during stress events. Conclusion The surge in Binance’s futures-to-spot ratio to a 1.5-year high serves as a clear, data-driven warning signal for impending cryptocurrency market volatility. Driven by structural growth in derivatives rather than spot market weakness, this metric highlights a market increasingly driven by leverage and complex financial instruments. While indicative of maturation, this environment demands heightened caution from traders, as historical precedent suggests such conditions frequently precede sharp, short-term price fluctuations. Monitoring this ratio, alongside open interest and leverage metrics, will be crucial for navigating the potentially turbulent trading landscape ahead. FAQs Q1: What exactly is the futures-to-spot ratio? The futures-to-spot ratio is a metric that compares the trading volume of derivative contracts (like futures and perpetual swaps) to the trading volume of the actual underlying asset on the spot market. A ratio of 5.1 means derivatives volume is 5.1 times greater than spot volume. Q2: Why does a high futures-to-spot ratio suggest higher volatility? High derivatives volume often involves significant leverage (borrowed funds). Leveraged positions amplify price movements and can lead to cascading liquidations, where forced selling triggers more selling, resulting in sharp, rapid price swings in both directions. Q3: Is the current high ratio caused by a drop in spot trading? No. According to CryptoQuant analysis, the primary driver is the “structural growth of the derivatives market.” Spot trading volumes have remained consistent or grown, but derivatives trading has expanded at a much faster rate. Q4: Should retail traders avoid the market when this ratio is high? Not necessarily avoid, but exercise extreme caution. High volatility presents both risk and opportunity. Retail traders should consider using lower leverage, setting wider stop-loss orders, and being prepared for significant short-term price movements. Q5: Does this ratio predict the direction of the price move (up or down)? No. The futures-to-spot ratio is an indicator of potential volatility magnitude and market conditions, not direction. It signals that large price moves are more likely, but it does not specify whether the move will be upward or downward. This post Binance Futures-to-Spot Ratio Soars to 1.5-Year High, Signaling Critical Volatility Shift first appeared on BitcoinWorld .

12 Mar 2026, 10:33

Bitcoin steady near $70,000 as rising open interest hints at cautious, bearish positioning

Bitcoin traded around $69,800 as open interest rose to $102 billion, suggesting defensive, bearish bets while altcoins outperformed in a risk-off macro backdrop.

12 Mar 2026, 10:30

Revolut Launches Full UK Banking Services After Securing Regulatory Approval

London-headquartered fintech neobank Revolut transitions to a fully licensed bank in the United Kingdom following the removal of restrictions by the Prudential Regulation Authority. Revolut Bank UK Ltd announced on March 11, 2026, that the Prudential Regulation Authority (PRA) has authorized its exit from the mobilization phase. This allows the firm to launch full banking

12 Mar 2026, 10:30

XRP Negative Funding Continues, Crashes To Levels Not Seen Since 2022

The XRP funding rate has been on the decline after the price hit its 2025 peak above 2025, and this trend has continued into the new year. Between February and March 2026, the XRP funding rate spent most of the time in the negative, and this speaks to how investors are currently viewing the cryptocurrency. Analyst Cryptoinsightuk points this out in a recent X post, alluding to what this could mean for the digital asset going forward. XRP Funding Rate Hasn’t Been This Low Since 2022 Cryptoinsightuk’s post highlights the interesting XRP trend, showing that in the last 39 days, 31 of those days have been spent with negative funding rates. This means that only a few days out of the month of February saw a funding rate in the positive. And now, the month of March seems to be following the same trend. Related Reading: Bitcoin Is Repeating 2022 Playbook That Triggered Crash To $17,500 The post also includes the other times that the altcoin has seen a trend like this and what eventually happened. The most recent of these was back in 2025, when the funding rate spent the better part of the months of March and April in the negative. However, what followed was a massive XRP price rally, eventually leading to levels not seen since 2018. While this did not lead the XRP price to new all-time highs, it pushed it to new yearly peaks, a rally that took investors by surprise. Moving further back, the crypto analyst points out that another period when a similar trend had been seen was back in 2022. This came with the crash of the FTX crypto exchange as the market buckled under negative news. Eventually, though, this trend would mark the bottom for XRP, and the price began to rise in the following year. Related Reading: Dogecoin Remains Inside Falling Channel, Bulls Target Surge Above $0.1 Going by the previous performances, it is possible that the same trend could mark a bottom here once again. If this happens, then it will not be long until the XRP price begins to rise again. Additionally, such low funding rates suggest that more traders are short, making it a good time for a bounce. According to data from Coinglass, the funding rate is not the only metric that has suffered. The XRP open interest has also taken a nosedive since 2025, showing that traders are not participating in the market as much as they used to. Daily trading volume has also suffered, dropping from a peak of $78.85 billion at the tail end of 2024 to below $4 billion at the time of this report. Featured image from Dall.E, chart from TradingView.com