Analyst: Bitcoin spot trading volume continues to shrink, falling to levels close to the late stage of the 2023 bear market

TechFlow news, July 28, CryptoQuant analyst Darkfost stated that data shows Bitcoin spot trading volume continued its downward trend in July, with volumes on major trading platforms generally falling significantly from their highs at the end of 2024; overall market activity has approached levels seen in the late bear market of 2023. Among them, Binance's spot trading volume in July exceeded $35 billion, but was significantly lower than the $246 billion in November 2024; during the same period, spot trading volumes on Bybit, Coinbase, and OKX decreased by 85%, 61%, and 67% respectively, indicating that the shrinkage in trading volume is not a single-platform phenomenon, but a global trend.

From a macro perspective, the escalation of conflicts between the US and Iran suppressed risk sentiment, and inflationary pressure also reinforced market concerns about high interest rates persisting for longer, which is unfavorable for high-risk assets including Bitcoin. Meanwhile, the stock market had previously continued to absorb market liquidity, and the strong performance of the technology sector further diverted capital attention. Analysis suggests that if Bitcoin is to return to a clear upward trend, it still relies on improvements in the macro environment and recovery in market demand.