Coinbase CEO Brian Armstrong says crypto spot trading may be nearing its next bull market, with Bitcoin (BTC) above $78,000 as the downturn approaches the length of earlier bear cycles.

Key Points:

• Armstrong said previous crypto bear phases lasted about 370 to 380 days, close to the current downturn.
• Jul. spot volume across 14 major exchanges fell 21.7% to $429B, while derivatives volume dropped 11.1%.
• Bitcoin traded near $78,700 after an Aug. 19 Treasury move helped shift market sentiment.

Coinbase Trading Slump

Armstrong told CNBC after President Donald Trump hosted crypto executives and regulators at the White House that spot trading had spent about a year in a bear market. He said earlier bear phases lasted roughly 370 to 380…