On-chain analyst Ember reports a significant decline in current crypto trading enthusiasm, with volumes falling below levels seen at the December 2022 bear market bottom. BTC/USDT daily trading volume has dropped from $2 billion to $500 million, despite the current price being 4.5 times higher than the previous bottom. This cycle has retraced 38% from its peak, suggesting a potential bottom near $31,000 if it follows the previous cycle's 75% retracement. ETH/USDT daily trading volume has decreased from $400 million to $200 million, with the current price 1.7 times higher than the previous bottom. This cycle has retraced 54% from its peak, indicating a possible bottom around $1,150. Meanwhile, BNB/USDT trading volume remains steady at $50 million, with the current price 2.7 times higher than the previous bottom. This cycle's 50% retracement suggests a potential bottom near $450 if it mirrors the previous cycle's 65% retracement.