Bitcoin is a store of value. It's only natural that when the market cap rises, higher % amount goes to long-time saving. Volume in USD has staid nearly the same.
(Seems like you desperately want to buy back in, doing anything for the USD win)
Mmm, no, I disagree. I do think it is reasonable to expect some proportionality between market cap and volume.
There are two things working behind the scenes: one is that I believe volume is ALSO proportional to volatility, and since there's been extreme volatility in the past weeks (and it's calmed some recently), it's not surprising volume has dropped quite a bit.
The other is that MtGox is offering 0% fees, which I suspect has drawn all the trade volume away from Bitstamp, where rpietila has gotten his volume data.
Anyway, the exchanges have drifted closer together on this comparatively tranquil leg. I suspect we will be moving again soon, but I'm not at all convinced it will be downward. The trend is unbroken and I have learned not to believe I can outsmart the market.