Bitcoin (BTC)’s recent weakness is not limited to the cryptocurrency market, Coinbase (COIN) has revealed.

“During the first quarter of 2024, average weekly spot trading volume on CEX was $18.8 billion, more than eight times the $2.3 billion daily trading volume for U.S. spot ETFs during the same period,” the note said. “This discrepancy in activity leads us to believe that Bitcoin’s price discovery is still rooted in global demand trends.”