Bitcoin spot trading volume plunged 75% from the end of 2024, the lowest since the bear market in 2023

CryptoQuant analyst Darkfost said that the volume of bitcoin spot trading on major exchanges has dropped by more than 75% from the end of 2024. Binance's trading volume exceeded US$35 billion in July, well below the US$246 billion in November 2024;Bybit plunged 85%, Coinbase fell 61%, and OKX fell 67%, the lowest level since the late bear market in 2023. Analysts pointed out that the conflict between the United States and Iran has intensified to suppress risk sentiment, inflation has triggered concerns about high interest rates, and the stock market continues to absorb liquidity, which are all unfavorable for speculative assets. Bitcoin's return to a bullish trend requires a change in the macro landscape and a return in demand.