Bitcoin saw a significant increase in August, but spot demand remains at historic lows

BlockBeats News, August 31st, according to CryptoQuant analyst Darkfost, despite Bitcoin's 30% increase in August, comprehensive CEX spot trading data shows that Bitcoin's spot demand is still at a historical low, similar to September 2023 levels.

Taking Binance as an example, this CEX still maintains the highest spot trading volume in the industry, but the figure has dropped from $198 billion to $44 billion. However, it is worth noting that this number is $1.6 billion higher than July, marking the first signs of stability.

Darkfost pointed out that if the trading volume increases along with the price, it will be a strong signal that a new Bitcoin bull market cycle is starting.