Bitcoin Spot Volumes Plummet to Bear Market Lows

Bitcoin spot trading volumes have hit record lows in July 2026, falling to levels not seen since the end of the bear market in 2023. According to data from CryptoQuant, Bitcoin spot trading volumes on Binance in July amounted to over $35 billion, significantly lower compared to $246 billion in November 2024.

The decline is observed across major platforms: Bybit saw a fall of 85% in volumes, Coinbase 61%, and OKX 67%. This marks a more than three-quarter decrease from peak levels recorded at the end of 2024.

Analysts believe this indicates a new phase of long-term accumulation among investors. Despite the decline in Bitcoin prices, investors are not rushing to transfer assets to exchanges for sale. Over the past six months, Bitcoin reserves on centralized exchanges have decreased by 78,000 BTC, from 2.783 million BTC to 2.705 million BTC.

CryptoQuant specialists emphasize that during typical market capitulation phases, participants actively replenish exchange wallets to sell assets. Currently, however, the opposite process is observed: investors are holding Bitcoin in their own wallets, anticipating a price increase in the future.