Bitcoin Spot Trading Volume Drops 75% From 2024 Peak, Hitting 2023 Bear Market Lows

Bitcoin spot volume on major exchanges fell over 75% year-over-year, reaching lowest levels since late 2023. Binance, Bybit, Coinbase, and OKX all report significant declines amid macro headwinds.

Woofun AI data shows that Bitcoin spot trading volume on major exchanges has declined by more than 75% compared to end-2024 levels. Binance recorded over $35 billion in July trading volume, a sharp decrease from $246 billion in November 2024. Bybit volume fell by 85%, Coinbase by 61%, and OKX by 67%, marking the lowest activity since the late 2023 bear market.

Analyst Darkfost attributes this contraction to suppressed risk sentiment driven by U.S.-Iran tensions, inflation concerns regarding high interest rates, and liquidity absorption by equity markets. These factors create an unfavorable environment for speculative assets, with Bitcoin requiring a macroeconomic shift and renewed demand to resume a bullish trend.