Spot volume drops back to 2023 bear market levels, but weakening selling pressure and macroeconomic warming could be a turning point. Let's wait and see.

Analysts say that Bitcoin spot trading volume has plummeted 81% since October 2025, falling back to the bear market lows of July 2023. The macro environment is bearish, with rising inflation and conflicts between the US and Iran causing funds to shift into commodities and traditional stocks, resulting in overall low participation. Despite the collapse in spot trading, selling pressure may gradually weaken, and similar situations in history have led to bull markets after volatility normalized. Investors should patiently wait for spot and leverage demand to recover, and pay attention to macro signals and changes in trading volume to determine whether to enter a new opportunity phase.