On-chain analyst Darkfost analyzed via X that Bitcoin (BTC) spot trading volume plummeted 81% compared to last October, falling to 2023 bear market levels. He explained, "Binance's trading volume decreased by approximately one-fifth, from $198.6 billion to $36.4 billion during the same period, while Gate decreased by 79.6% and Bybit by 66%. This is the first time monthly spot trading volume has fallen to this level since July 2023." He continued, "With increasing inflationary pressures and the prolonged US-Iran war, investors are preferring commodities and stock market indices, leading to an unfavorable macro environment for the cryptocurrency market. However, the decrease in trading volume also implies that selling pressure is gradually being exhausted in the current correction phase. He added, "The 2023 bear market also saw a recovery in volatility and the start of an upward trend after a sharp drop in spot trading volume."
