Darkfost
Bitcoin volumes collapse 75% from late 2024 peak, lowest since 2023 bear market.
Bitcoin volume readings this July confirm a trend that’s settling in for the long haul, market interest in the asset shows no sign of real improvement. BTC spot volumes have dropped by more than 75% on major exchanges compared to late 2024. Binance alone recorded over $35B in July, a figure that remains far below the $246B seen in November 2024. This isn’t isolated to one platform, it’s a global pattern. Over the same period, spot volumes collapsed by 85% on Bybit, 61% on Coinbase, and 67% on OKX. You’d have to go back to 2023, in the late stages of the bear market, to find volume levels this low. Several macro factors explain this lack of appetite for risk assets. • The intensifying conflict between the US and Iran has weighed on risk sentiment. Inflation continues to fuel concerns about rates staying elevated, an environment that’s far from favorable for speculative assets. • At the same time, equity markets kept absorbing most of the available liquidity, driven by exceptional tech sector performance, though that narrative started coming under question this July. Against this backdrop, a return of Bitcoin to a bullish trend seems conditional on a shift in the macro regime, and above all a return of demand, the only real driver capable of pushing volumes back up.