CryptoQuant analyst Darkfost said spot Bitcoin trading volume across major exchanges has dropped by more than 75% from the levels seen at the end of 2024, marking the weakest stretch since the later stage of the 2023 bear market. Binance recorded more than $35 billion in spot BTC volume in July, far below the $246 billion posted in November 2024. Other exchanges also saw steep declines, with Bybit down 85%, Coinbase down 61%, and OKX down 67%.
Darkfost linked the slowdown to several macro pressures. He said the escalating Iran-Israel conflict has weighed on risk appetite, while inflation concerns have kept worries about high interest rates in place. At the same time, equities have continued to absorb market liquidity, leaving less room for speculative assets. In his view, Bitcoin would need a change in the broader macro setup and a return of demand before it can move back into a bullish trend.
Spot Bitcoin trading volume on major exchanges has fallen by more than 75% from late 2024 levels, according to CryptoQuant analyst Darkfost.
He said the market has dropped to its weakest level since the later phase of the 2023 bear market. On Binance, July spot BTC volume came in at more than $35 billion, well below the $246 billion recorded in November 2024. Bybit saw an 85% drop, while Coinbase fell 61% and OKX was down 67%.
Darkfost said several macro factors are weighing on speculative assets. He pointed to the escalating Iran-Israel conflict as a drag on risk appetite. He also cited inflation-driven concern over high interest rates and said the stock market has continued to absorb liquidity.
According to the analyst, Bitcoin will need a shift in the macro backdrop and a return of demand before it can resume a bullish trend.
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