I don't believe that. Traders do trade because price action is still there. The price itself is not as important as much as the movement!
LUNC (Luna Classic) is still having 1.2bn USD futures volume on OKX, although its value should be zero. Why is this happening? Because LUNC still hasmovements from 0.000184 USD to 0.00019 USD; that's around 4%.
Traders will use this price action, and by doing this they add their own weight to the price action. Simple intermittent reinforcement.
The music stopped sometime last year, now we’re in the end game.