Bitcoin spot trading activity on major exchanges has dropped sharply from levels seen at the end of 2024, according to CryptoQuant analyst Darkfost. He said aggregate spot volume is down more than 75%, putting current activity at its lowest point since the later stage of the 2023 bear market.
Darkfost pointed to exchange-specific figures to illustrate the slowdown. Binance recorded more than $35 billion in Bitcoin spot volume in July, far below the $246 billion reported for November 2024. Bybit posted an 85% decline, while Coinbase and OKX saw volumes fall 61% and 67%, respectively.
He attributed the weakness in speculative appetite to several macro factors cited in his analysis: escalating Iran-Israel conflict, inflation-driven concerns over high interest rates, and continued liquidity absorption by the stock market. In his view, Bitcoin would need a shift in the macro backdrop and a return of demand before a bullish trend can reestablish itself.
CryptoQuant analyst Darkfost said Bitcoin spot trading volume across major exchanges has fallen more than 75% from late 2024, reaching its lowest level since the later phase of the 2023 bear market.
At the exchange level, Binance logged more than $35 billion in Bitcoin spot volume in July, down from $246 billion in November 2024. Bybit recorded an 85% drop, while Coinbase and OKX posted declines of 61% and 67%, respectively.
Darkfost said risk appetite has been pressured by escalating Iran-Israel conflict, inflation-linked concerns about high interest rates, and continued liquidity absorption by equities. He added that Bitcoin would need a change in the macro setup and a return of demand to move back into a bullish trend.
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