Bitcoin spot trading has slowed sharply as market activity returns to levels last seen during the 2023 bear market. CryptoQuant data cited by analyst Darkfost shows that Binance’s Bitcoin spot volume has dropped 81% since October 2025, while other major exchanges also record deep declines.
The fall in volume comes as macro pressure keeps many traders away from crypto markets. However, lower spot activity also shows that the selling force behind Bitcoin’s recent pullback may be easing.
Bitcoin spot trading volume across major crypto exchanges has fallen to its lowest level in nearly two years. According to CryptoQuant data analyzed on May 26, Binance spot volume dropped from $198.6 billion in October 2025 to about $36.4 billion.
Gate.io also recorded a 79.6% fall over the same period, while Bybit’s spot volume declined by 66%. These figures show that the slowdown is not limited to one exchange. Instead, they point to weaker market participation across Bitcoin spot markets.
Analyst Darkfost noted that Bitcoin spot volume has now returned to levels seen in July 2023, during the prior bear market. He said, “You have to go back to July 2023 to find a month with spot volumes this low on BTC.”
Lower volume often shows weak demand, but it can also signal that sellers have started to lose control. During earlier market cycles, Bitcoin’s spot volume dropped sharply near market bottoms before volatility returned. However, this pattern does not confirm an immediate recovery.
The current slowdown comes as risk assets face a difficult macro backdrop. Rising inflation pressure and the prolonged US-Iran conflict have pushed some investors toward commodities and traditional equity markets.
As a result, crypto market activity has cooled. Bitcoin has also faced pressure from weak spot demand, while exchange-traded funds recorded heavy outflows. Spot Bitcoin ETFs posted $1.54 billion in combined net outflows during the six trading days leading to Friday, according to Farside Investors data.
Smaller public Bitcoin treasury firms added 602.6 BTC last week, worth about $46 million. The purchases came after Bitcoin dropped below $80,000, showing that some corporate buyers still used the pullback to increase exposure.
Strive bought 381.6 BTC at an average price of $79,348. DDC Enterprise Limited added 200 BTC at an average price of $79,496. The Smarter Web Company bought 19 BTC at $77,687 per BTC, while Hyperscale Data acquired 2 BTC in the open market.
Strategy, the largest corporate Bitcoin holder, paused its usual weekly buying after a large purchase earlier in May. The company had bought 24,869 BTC for $2.01 billion between May 11 and May 17, at an average price of $80,985 per Bitcoin.
Bitcoin traded near $76,660 at the time of the data update. Analysts continue to monitor whether low spot volume, positive funding rates, and renewed treasury demand can support a rebound. For now, traders are watching for stronger spot demand and rising market participation before calling a broader recovery.