Darkfost posted on X that bitcoin's August rally of more than 30% has not been matched by exchange trading volume, which remains weak and consistent with July's trend. Volume sits at levels not seen since September 2023, close to a three-year low, creating a clear gap between price performance and actual market activity. Binance spot volume, while still the largest, fell from $198 billion to $44 billion, though that is $1.6 billion higher than July, suggesting early signs of stabilization. Gate volume dropped from $53.4 billion to $14 billion, and Bybit fell from $41.2 billion to $17.4 billion — an average decline of roughly 70% across these platforms. Still, August volume showed some stability, staying near July levels. Darkfost noted that if BTC price rises are accompanied by a recovery in volume, it could signal the start of a new upward cycle.
Darkfost said on X that despite bitcoin's more than 30% gain in August, exchange trading volume remains soft, tracking the same trend seen in July. Volume has been hovering at levels not seen since September 2023 — close to a three-year low — leaving a clear disconnect between price action and actual market participation.
The contrast is stark when measured against trading volume at the bitcoin market top in October 2025. Binance still leads in spot volume, but it has fallen from $198 billion to $44 billion. Even so, that figure is $1.6 billion higher than in July, an early sign that activity may be stabilizing.
Gate's volume dropped from $53.4 billion to $14 billion, while Bybit slid from $41.2 billion to $17.4 billion. Across these platforms, volume is down by an average of roughly 70%. Despite that, August volume showed a degree of stability, remaining relatively close to July's level.
If BTC's price keeps climbing and volume starts to recover alongside it, Darkfost said, that could serve as an important signal that a new upward cycle is beginning.
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