I'd say that is also true. Though is it possibly thin because the Professional Traders are not present?
Then again we have seen some very high volume on these weekend moves. Not sure if it is typical to see high volume in a thin market?
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I think istitutions and professionals embraced 24/7 crypto market by now. Also, they heavily relate on bots and trading algos - more than casual folk. So, i wouldn't be so sure who is present at market on weekends.
Thin in terms of organic volume.
Personally I think the influence of bots and algos is overstated. They are just tools and I'd expect most would still need some babysitting or dead mans lever and so they might not be running on weekends.
Professional Traders are certainly present 24/7. Traders without a strategy who are just getting into it maybe.
Sitting at home on the weekend and they can't help but move some coin out of sheer boredom