Bitcoin Price Rebounds 30%, But Spot Trading Volume Hits Three-Year Low
Bitcoin's price rebounded by approximately 30% in August, but this recovery was accompanied by a significant drop in spot trading activity. According to crypto analyst Darkfost, average daily spot volume on major exchanges has fallen by about 70% compared to October last year, when prices were near their peak.
Binance, the world's largest crypto exchange, saw its spot volume drop from $198 billion to $44 billion. Gate recorded a decline from $53.4 billion to $14 billion, while Bybit fell from $41.2 billion to $17.4 billion.
Darkfost noted that August volume held steady at July levels, which he described as the first sign of stabilization. This suggests that while traders were largely inactive during the summer months, the market may be finding a floor.