Coinbase CEO Brian Armstrong says crypto spot trading is close to its next bull market, citing prior bear cycles that each ran roughly 370 to 380 days.

He spoke on CNBC after President Donald Trump hosted crypto executives and regulators at the White House. Bitcoin (BTC) has since climbed above $78,000.

Trading Activity Had Been Sliding for Months

Armstrong’s call follows a long stretch of thinning volumes and volatile prices. Spot turnover across 14 major exchanges dropped 21.7% in July to $429.0 billion from $547.9 billion in June, according to Wu Blockchain.

Every one of the 14 venues posted a monthly decline. Binance led with $196.5 billion, or 45.8% of the total. Coinbase recorded a…