According to Santiment, crypto-wide trading volume has been decreasing since its peak on February 27th, when traders were buying dips optimistically. Recent market cap declines over the past two weeks have led to trader behavior characterized by exhaustion, hopelessness, and capitulation.

According to Trader_XO, the current market condition is described as 'exhaustion' rather than 'capitulation.' Trader_XO suggests that capitulation, if it occurs, is expected much later and emphasizes a trading strategy focused on moving from one level to another, without concern for the timing or location of potential capitulation. This approach has been effective for Trader_XO, as per their statement on Twitter.