Whether trading volume changes noticeably before and after a news release is the most direct way to test it.
Take this news item: an exchange’s Wallet expands AI detection, with weekly phishing detections up 7.4 times, $BTC 24h -0.65%, and trading volume of 1.424 billion.
The news itself is neutral; what’s worth noting is the trend it reflects.

#BTC

Just chatting—this is not advice.