TLDR
- Bitcoin spot trading volumes have fallen more than 80% since October 2025 across major exchanges.
- Binance recorded an 81% drop in Bitcoin spot volume from its October 2025 peak.
- Gate.io and Bybit also posted sharp declines in spot trading activity.
- Current Bitcoin spot volumes are at their lowest levels since July 2023.
- Bitcoin traded around $76,660 after rebounding from a February-April bottom.
Bitcoin spot trading volumes have fallen to their lowest levels in nearly two years. Data shows Bitcoin spot activity on major crypto exchanges has dropped sharply since October 2025. Analysts say the collapse mirrors patterns seen near prior bear market endings.
CryptoQuant data shows Bitcoin spot volumes on Binance fell more than 81% from October 2025 levels. Monthly volume dropped from $198.6 billion to about $36.4 billion at press time.
Gate.io recorded a 79.6% decline in spot volumes over the same period. Bybit posted a 66% drop, confirming a broad slowdown across exchanges.
The last time spot volumes were this low was July 2023. That period marked the depths of the previous bear market.
Lower spot activity often reflects reduced selling pressure. Current data suggests fewer traders are actively exiting positions.
Rising inflation pressures linked to the U.S.-Iran war weighed on crypto demand. Many investors shifted funds into commodities and traditional equity indices.
Bitcoin Spot Volume Hits Two-Year Low Across Exchanges
CryptoQuant analysts highlighted the sharp decline in Bitcoin spot turnover. The data shows activity has steadily weakened since the October 2025 peak.
Binance remains the largest exchange by spot volume despite the decline. However, its trading activity has dropped sharply over recent months.
Gate.io and Bybit reported similar trends in reduced trading flows. The slowdown appears consistent across major centralized platforms.
Bitcoin traded around $76,660 at the time of publication. The price rebounded after forming a bear-market bottom between February and April.
Historically, collapses in spot volume have aligned with market transitions. Analysts referenced similar patterns during the 2023 cycle.
“It was precisely after spot volumes collapsed that the 2023 bear market came to an end,” analyst Darkfost said. He added that volatility later returned with a bullish recovery.
Funding Rates Stay Positive as Leverage Traders Hold Positions
While spot activity weakened, Binance funding rates remained positive over the past two weeks. Funding rates reflect payments between long and short traders in perpetual futures.
Positive funding rates suggest leverage traders continue to favor long positions. These payments help align futures prices with spot markets.
CryptoQuant data shows sustained positive funding on Binance. The metric indicates leveraged traders have not shifted to a bearish stance.
Analysts noted that low spot volume paired with positive funding could influence near-term price action. However, trading volumes remain at multi-year lows across exchanges.
Bitcoin continues to trade near $76,660 according to the latest available data. Exchange spot volumes remain subdued compared to October 2025 levels.
