Bitcoin spot trading volume has recovered modestly from its July low, but the rebound remains limited, according to crypto analyst Darkfost. Binance spot volume rose to more than $50 billion in September from $42 billion in July, while Bybit increased from $14 billion to $19 billion and Kraken from $4 billion to $8 billion. Darkfost said the July decline brought spot volume to its lowest level since the previous bear market, reflecting the weakest Bitcoin market interest in nearly three years. He added that stronger spot activity, particularly from new demand, would be needed for Bitcoin to challenge record highs.