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Analysis: BTC spot trading volume has fallen back to the bear market levels of July 2023, with selling pressure gradually weakening.
BlockBeats News, May 26 — Analyst Darkfost noted that Bitcoin spot trading volume has crashed by 81% since October 2025, and has fallen back to the sluggish levels seen during the July 2023 bear market. The macro environment is still unfavorable for risk assets: rising inflation pressure and the Iran-U.S. conflict continuing beyond expectations have led investors to turn toward commodities and traditional stock markets rather than the crypto market, resulting in a significant drop in overall market participation.
Despite the sharp contraction in spot volume, the subdued trading activity may indicate that the sell pressure behind the current price pullback is gradually weakening. Historically, there have also been similar spot volume breakdowns before the end of the 2023 bear market; afterward, volatility returned and a bull-market rebound began. Investors should exercise patience and wait for future spot demand to recover and for leverage demand to rise, while also keeping an eye on macro signals and changes in trading volume to determine whether a new opportunity is being formed.