I have to wonder if the institutional investors in the form of the Mutual funds aren’t heavily weighted in cash and aren’t buying/selling. Volume obviously is a function of trading, not owning. And yes there’s billions on the sidelines in Treasurys.
So maybe......this is a good thing. When volume explodes to the upside a bubble will begin to be created and volume will be the indicator to watch to help us all get out before another crash!
Day traders and individuals are largely gone from the market, so you now have mostly large things, mutual funds, hedge etc driving things. And they don’t do high volume they aren’t going to generally buy a stock at 5.20 and sell at at 5.45 later that same day
Volume is just how many share change hands... its huge when you have massive speculating and churning going on.
Larger funds are more buy and hold types, they aren’t trading for trading sake but making trades based on portfolio needs and definitions and are usually holding them until situations change and dictate a change, not simply chasing something else that returns better for its own sake.