BTC spot volume on major exchanges down over 75% from 2024 peak

Bitcoin spot trading volume on major global exchanges has fallen more than 75% from its November 2024 peak, according to an analysis by on-chain analyst Darkfost. Darkfost said Binance’s BTC spot trading volume in July 2026 stood at $35 billion, down about 85.8% from $246 billion recorded in November 2024. Over the same period, Bybit fell 85%, Coinbase 61%, and OKX 67%, which Darkfost described as the lowest level since the 2023 bear market. Darkfost added deeper U.S.-Iran tensions have weakened risk appetite, while concerns persist that inflation could keep interest rates higher for longer. The analyst also said the stock market, supported by strength in tech shares, has absorbed liquidity, making it a key driver behind the drop in crypto trading volume. Darkfost added easing macroeconomic risks and a recovery in demand are essential for Bitcoin to regain bullish momentum.