Bitcoin Trading Volume Recovers Modestly but Remains Below New Highs

Bitcoin's spot trading volume has been on the rise since its July low, but it's still not enough for the cryptocurrency to challenge a new all-time high, according to an analysis by CryptoQuant contributor Darkfost.

As Bitcoin formed a bottom in July, spot trading volume fell to its lowest level since the previous bear market. Market interest in Bitcoin at that point was also the weakest in about three years.

However, since then, spot trading volume on major cryptocurrency exchanges has shown a modest recovery. Binance's Bitcoin spot volume rose to $50 billion in September from $42 billion in July, the highest among the major exchanges.

Bybit's spot volume increased to $19 billion from $14 billion, while Kraken's rose to $8 billion from $4 billion, or roughly double.

Darkfost noted that the recovery in trading volume has coincided with the recent emergence of new upside momentum in Bitcoin. However, the increase so far is insufficient to confirm a decisive market rebound.