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Analysis: Bitcoin spot trading volume drops to the lowest since October 2023, low liquidity may amplify market volatility
Odaily Planet Daily News reports that the spot trading volume of Bitcoin has fallen below $8 billion per day, reaching the lowest level since October 2023, when BTC prices were still below $40k. Glassnode points out that since the peak of over $25 billion in early February this year, trading volume has continued to decline. A low trading volume environment usually indicates reduced market depth and increased sensitivity to changes in capital flows.
Market depth is typically measured by buy and sell orders within a 2% range around the current price. When depth shrinks, a small number of large orders can significantly drive price fluctuations, implying that market volatility may be amplified. However, the options market currently does not fully reflect this risk. Volmex’s BVIV index shows that Bitcoin’s 30-day implied volatility has dropped below 42% annualized, hitting a three-month low, indicating that traders are generally still betting on a stable market.
Analysts believe that ahead of the Federal Reserve’s interest rate decision, market sentiment remains cautious. Bitcoin is currently hovering around $77,800, lacking a clear direction. If the Fed signals a hawkish stance, especially expressing concerns about rising energy prices and inflation risks, it could prolong the pause in rate cuts or even strengthen expectations of rate hikes, thereby suppressing the performance of risk assets. (CoinDesk)