Analysis: BTC Spot Trading Volume Drops to July 2023 Bear Market Levels, Selling Pressure Eases Synchronously

BlockBeats News, May 26th. Analyst Darkfost pointed out that Bitcoin spot trading volume has plummeted by 81% since October 2025, falling to the low levels of the bear market in July 2023. The macro environment continues to be unfavorable to risk assets: rising inflationary pressures and the prolonged US-Iran conflict have led investors to shift towards commodities and the traditional stock market rather than the crypto market, resulting in a significant decrease in overall market participation.

Despite the substantial contraction in spot volume, the subdued trading activity may indicate that the selling pressure behind the current price pullback is gradually easing. Similar spot volume collapses have occurred before the end of the 2023 bear market in history, followed by a return of volatility and the start of a bullish rebound. Investors should patiently wait for the future recovery of spot demand and an increase in leverage demand, while also monitoring macro signals and changes in trading volume to assess whether a new opportunity is brewing.