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Bitcoin Spot Trading Volume Drops More Than 75% From Late 2024 to Lowest Since 2023
Summary
- Major cryptocurrency exchanges' Bitcoin spot trading volume fell more than 75% from late 2024, reaching its lowest level since the latter stage of the 2023 bear market.
- Binance's Bitcoin spot trading volume fell to $35 billion this month from $246 billion in November 2024, while volume on Bybit, Coinbase and OKX dropped 85%, 61% and 67%, respectively.
- Darkfost said escalating U.S.-Iran tensions, concerns over high interest rates driven by inflation, and a shift of liquidity into the stock market are weighing on speculative assets, adding that Bitcoin needs an improvement in the macroeconomic backdrop and a recovery in market demand to regain its uptrend.
Forecast Trend Report by Period
Bitcoin spot trading volume on major cryptocurrency exchanges has fallen more than 75% from late 2024, reaching its lowest level since the latter stage of the 2023 bear market.
Odaily reported on July 28 that Binance's Bitcoin spot trading volume totaled about $35 billion this month, citing Darkfost, a CryptoQuant analyst. That was down sharply from $246 billion in November 2024.
Over the same period, trading volume on Bybit fell 85%, while Coinbase and OKX posted declines of 61% and 67%, respectively.
Darkfost said escalating tensions between the U.S. and Iran, concerns that inflation could keep interest rates elevated, and a shift of liquidity into the stock market are weighing on speculative assets.
For Bitcoin to return to an uptrend, the macroeconomic backdrop must improve and market demand must recover, Darkfost added.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.