Analyst: BTC Spot Trading Volume Has Dropped to Typical Bear Market Levels
According to analyst Darkfost's post, Bitcoin's spot trading volume has plummeted by 81% since October 2025. Currently, the spot trading volume has fallen to levels commonly seen during bear markets, with the last time being as low as July 2023.
Despite the significant slowdown in spot trading volume, Binance still dominates the market with a trading volume of $36.4 billion. In comparison, the exchange's volume reached as high as $198.6 billion in October 2025, representing a drop of over 5 times, with a decline of 81%.
However, this sharp decrease in trading volume on Binance is not an isolated case. Gate.io's trading volume has also seen a significant drop of 79.6%; Bybit is no exception, with a decline of 66%.
This phenomenon reflects the macro environment's ongoing adverse effects on risk assets like cryptocurrencies. Amid rising inflation pressures and the prolonged US-Iran conflict, investors tend to favor commodities and traditional stock indices over the crypto market.
On a positive note, the notable decrease in spot market trading activity suggests that the selling pressure behind the current pullback is gradually weakening, and the market is undergoing a natural deleveraging process.
From historical experience, the end of the bear market in 2023 coincided with spot trading volume hitting rock bottom, after which market volatility returned and bullish trends resumed.
This precedent clearly indicates that the current low trading volume phenomenon may be a precursor to a new rally, warranting close attention from market participants.
#比特币现货交易量
According to analyst Darkfost's post, Bitcoin's spot trading volume has plummeted by 81% since October 2025. Currently, the spot trading volume has fallen to levels commonly seen during bear markets, with the last time being as low as July 2023.
Despite the significant slowdown in spot trading volume, Binance still dominates the market with a trading volume of $36.4 billion. In comparison, the exchange's volume reached as high as $198.6 billion in October 2025, representing a drop of over 5 times, with a decline of 81%.
However, this sharp decrease in trading volume on Binance is not an isolated case. Gate.io's trading volume has also seen a significant drop of 79.6%; Bybit is no exception, with a decline of 66%.
This phenomenon reflects the macro environment's ongoing adverse effects on risk assets like cryptocurrencies. Amid rising inflation pressures and the prolonged US-Iran conflict, investors tend to favor commodities and traditional stock indices over the crypto market.
On a positive note, the notable decrease in spot market trading activity suggests that the selling pressure behind the current pullback is gradually weakening, and the market is undergoing a natural deleveraging process.
From historical experience, the end of the bear market in 2023 coincided with spot trading volume hitting rock bottom, after which market volatility returned and bullish trends resumed.
This precedent clearly indicates that the current low trading volume phenomenon may be a precursor to a new rally, warranting close attention from market participants.
#比特币现货交易量