Bitcoin trading activity has dried up to some of the lowest levels ever, and that quiet is usually a sign the worst of the selling is over — a cautiously good signal for long-term buyers.

• Trading volume on exchanges has fallen to historic lows.
• Quiet, boring markets like this often mark a major bottom, not the top or the panic lows.
• Bear markets end when sellers run out, not when new buyers show up.
• Traders have lost interest and moved money elsewhere, which is exactly what happens near the end of a downturn.

Outlook: With sellers exhausted, Bitcoin looks closer to a macro bottom than to another leg down.