Bitcoin spot volume drops 75% from peak end of 2024

The trading volume in Bitcoin has fallen back to levels last seen during the 2023 bear market. On major exchanges, spot volume has dropped by more than 75% from its November 2024 peak, and analyst Darkfost sees no signs of genuine improvement in market interest.

Bitcoin is available at OKX and Bybit.

Volumes sink to bear market levels

The figures for July 2026 are striking. Binance, by far the largest exchange in the world, registers only around $35 billion in Bitcoin spot volume for July. By comparison, in November 2024 that figure stood at $246 billion, a decline of more than 85%. But it does not stop with Binance alone.

Bybit has seen its spot volume collapse by 85%, Coinbase records a decline of 61%, and OKX has lost 67% of its volume compared with that same peak. This is not a platform-specific issue, Darkfost argues, but a pattern emerging worldwide. The Bitcoin price currently stands at $63.400, down 2.7% in the past 24 hours, further illustrating the weak sentiment.

Macro environment weighs on risk appetite

Several factors explain the waning interest in Bitcoin and other risky assets. Rising tensions between the US and Iran are weighing on sentiment, while persistent inflation keeps alive concerns about a prolonged period of high interest rates. This is not a favourable environment for speculative investments such as crypto.

On top of that, the stock market continues to attract the bulk of available liquidity, driven by strong performance in the technology sector. However, that dominant position of tech has begun to wobble slightly in July 2026. We previously wrote about the weak demand for Bitcoin that is preventing a sustainable recovery.

According to Darkfost, a return to a bullish trend for Bitcoin depends on a shift in the macro climate. Above all, a recovery in demand is needed, because that is the only real engine behind rising volumes. As long as that demand fails to materialise, volume figures will remain low and there is little reason to believe the market will revive quickly.