Analyst: Spot Bitcoin trading volume, at its lowest since 2023, has dropped over 75% from the end of 2024.

According to CryptoQuant analyst Darkfost, spot Bitcoin trading volume on major exchanges has fallen by more than 75% compared to the end of 2024. Binance's trading volume in July was over $35 billion, down from $246 billion in November 2024; Bybit saw an 85% decline, Coinbase a 61% decline, and OKX a 67% decline, marking the lowest levels since the late 2023 bear market.

Darkfost noted that intensified US-Iran conflict dampens risk appetite, inflation raises concerns about high interest rates, and persistent capital absorption by equity markets all negatively impact speculative assets. For Bitcoin to return to a bullish trend, a shift in the macroeconomic landscape and a return of demand are necessary.