Binance’s July spot volume dropped to about $35 billion from $246 billion in November 2024, while Bybit, Coinbase and OKX also posted steep declines, CryptoQuant analyst Darkfost said.
Bitcoin spot trading volume on major exchanges has dropped more than 75% from late 2024, marking its lowest level since the latter stage of the 2023 bear market and pointing to a sharp cooling in activity across centralized crypto venues. CryptoQuant analyst Darkfost said Binance’s July volume was about $35 billion, down from $246 billion in November 2024, while Bybit fell 85%, Coinbase 61% and OKX 67%. He attributed the pullback to escalating US-Iran tensions, inflation-driven concerns that interest rates could stay higher for longer, and a shift of liquidity into equities. Darkfost said Bitcoin needs a change in the macroeconomic environment and a recovery in market demand to return to an uptrend.