In a recent interview with FXStreet at the Proof of Talk conference, BitMEX CEO Stephan Lutz stated that the crypto market has entered a full bear phase, marked by declining activity across both crypto-native and real-world asset (RWA) sectors. He added that Bitcoin’s four-year cycle remains intact, pushing back against growing industry claims that the market has evolved beyond the trend.

Trading volumes decline as activity slows.

Lutz pointed to a sharp contraction in market participation, noting that trading volumes across crypto and tokenized assets have dropped sharply in recent months.

“If you look at the pure business numbers and the whole industry, trading volumes, even with traditional assets and RWAs, are basically down by…