Bitcoin Spot Volume Drops 81% From October Highs, Echoes 2023 Bear Market

Bitcoin spot trading activity has declined sharply, with total volume down 81% since October 2025, returning to levels last seen in July 2023, according to CryptoQuant analyst Darkfost.

This downturn is evident across major exchanges, where trading momentum has weakened considerably. Binance recorded a drop in Bitcoin spot volume from $198.6 billion in October 2025 to $36.4 billion, while Gate.io saw a 79.6% decrease and Bybit experienced a 66% decline over the same period.

The wider slowdown comes amid mounting macroeconomic pressure on risk assets. Concerns over rising inflation, along with ongoing US–Iran tensions, have driven investors toward traditional markets and commodities, reducing overall liquidity in the crypto sector.

Source: CryptoQuant