Bitcoin spot trading activity has collapsed, with monthly volumes plunging 81% since October 2025 to levels not seen since the July 2023 bear market. Data from analyst Darkfost reveals that Binance, the largest exchange, now handles approximately $36.4 billion in BTC spot volume, down from $198.6 billion in October. Other major platforms are similarly affected: Gateio saw a nearly 80% decline, while Bybit volumes dropped 66%.
The downturn mirrors a broader defensive shift among institutional investors, who have increased short exposure in U.S. equities as macroeconomic uncertainty—fueled by persistent inflation, erratic monetary policy, and the protracted US/Iran conflict—steers capital away from risk assets. Darkfost notes that diminished participation does not necessarily signal an impending crash; historically, such volume collapses have coincided with seller exhaustion during late-stage corrections, as seen in the 2023 bear market that preceded a recovery phase.
Bitcoin’s price remains rangebound, consolidating near $76,800 after being rejected at the $82,000 resistance. Bulls are defending the critical $75,000 support, which aligns with the 50-day moving average, while the 100- and 200-day moving averages sloping downward keep the broader structure cautious. A decisive move above $80,000–$82,000 would strengthen bullish momentum, while losing $75,000 could trigger a slide toward $70,000.
