Bitcoin Spot Trading Volume Plunges 81%, Echoing Pre-2023 Recovery Conditions
By
Kevin Helms
Kettled twice. Extra chewy, extra trustworthy.
Summary
Bitcoin spot trading volume has collapsed 81% across major exchanges from October 2025 levels, with Binance volume dropping from $198.6 billion to $36.4 billion. On-chain analytics platform Cryptoquant compares the current market slowdown to late-stage bear market conditions seen before the 2023 bullish recovery, suggesting a potential setup for a similar recovery pattern.
Key quotes
· 4 pulledBTC spot volume has plunged across major exchanges, reviving comparisons with the late-stage bear market conditions that preceded the 2023 recovery.
On-chain and market data analytics platform Cryptoquant shared an insight on May 26 showing bitcoin spot trading volume has fallen 81% from October 2025 levels.
The analysis said activity has returned to conditions last seen near the end of the 2023 bear market.
Binance volume dropped from $198.6 billion to $36.4 billion, part of a broad market slowdown.
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