Conversely, during bearish periods, trading volumes start to dwindle, with bursts of activity around periods of deleveraging. Uncertainty, negative news, regulatory crackdowns, or market corrections often lead to a decline in trading. Investors might adopt a wait-and-see approach, leading to decreased transaction volumes, and they might move their assets to cold storage or stablecoins, reducing the overall trading activity on exchanges. Source: https://www.coindesk.com/markets/2023/11/22/why-on-chain-transaction-is-the-key-blockchain-indicator/?utm_medium=referral&utm_source=rss&utm_campaign=headlines