Goldman Sachs: Crypto Trading Down 10 Consecutive Months, Turning Point May Be Near

What matters here is that a major bank is framing a ten-month decline as potentially near its end rather than as a structural retreat — a notable shift in tone from a desk that tracks institutional flow. The read-through is mainly for market makers and venues whose revenue tracks volume, since a genuine inflection would matter more to them than to holders. Whether the bank's own trading clients are repositioning, and whether any pickup shows up in reported volumes rather than in commentary, is the open question.