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Crypto’s Fall, in Three Charts

Investors are changing their behavior as the bottom falls out of the market.

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Photographer: Angel Garcia/Bloomberg

After months of decline, the bottom dropped out of the crypto market, sparking talk of a “crypto winter,” when many tokens lose most of their value for a sustained period. Investors who’d been hoping to get rich quick are now trying to figure out if they can cut their losses instead.

Activity on the main crypto trading platform in the US is falling, especially from small-time traders. The volume of retail trading on Coinbase is down 40% from a year ago.