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Spot trading volumes across Bitcoin and altcoins just hit their lowest point since late 2023—and it's worth paying attention. What's catching traders off guard is the stark contrast: prices keep pushing higher even as liquidity dries up. You've got these rallies fueled by what looks increasingly like paper-thin order books. Behind all that price strength? Not as much real demand flowing through as the charts might suggest. It's a classic mismatch between momentum and actual market depth.