Daily Bitcoin trading volume has collapsed nearly 4x over the last 4 years (from 453k BTC/day in 2022 to 126k BTC today). As BTC moved from the post-FTX ~$15k bottom to near $75k, daily dollar volume technically grew from $7B to over $9B. But fiat metrics hide the structural reality. The actual amount of bitcoin changing hands daily has drastically compressed. Active trading inventory is being systematically locked away. Higher unit prices do not replace native liquidity depth. When coin turnover dries up, market depth deteriorates across major venues. Rising dollar volume masks a market that is fundamentally getting thinner and easier to manipulate.