Cryptoquant Says BTC Spot Volume Fell 81% From October 2025, Echoing Late-2023 Setup
Bitcoin spot trading volume has dropped sharply across major exchanges, with an 81% decline from October 2025 levels cited in a Cryptoquant analysis dated May 26. Binance volume fell from $198.6 billion to $36.4 billion, while Gate.io dropped 79.6% and Bybit declined 66%. The report argues the slowdown resembles late-2023 conditions and could indicate weakening selling pressure as traders watch for participation to return.