BTC spot volume down 81% from Oct. 2025, hitting 2023 bear market levels

Bitcoin (BTC) spot trading volume has plummeted 81% since October 2025, falling to levels last seen during the 2023 bear market, according to an analysis by on-chain analyst Darkfost on X. Darkfost noted that on Binance, volume for the same period dropped from $198.6 billion to $36.4 billion, a reduction of roughly four-fifths. Volumes on Gate.io and Bybit also fell by 79.6% and 66%, respectively. He explained that monthly spot volume has not been this low since July 2023. The analyst attributed the decline to an unfavorable macro environment for the crypto market, with rising inflationary pressures and a prolonged U.S.-Iran war leading investors to favor assets like commodities and stock indices. However, Darkfost added that the drop in volume could also indicate that selling pressure is gradually being exhausted in the current correction phase. He pointed out that the 2023 bear market also experienced a sharp decline in spot volume before volatility returned, marking the start of an upward trend.