Analysis: BTC spot trading volume has fallen back to levels seen during the bear market of July 2023, with selling pressure gradually weakening in tandem.

According to Mars Finance, on May 26th, analyst Darkfost pointed out that Bitcoin spot trading volume has plummeted 81% since October 2025, returning to the low levels seen during the July 2023 bear market. The macroeconomic environment remains unfavorable for risk assets: rising inflationary pressures and the ongoing US-Iran conflict have led investors to shift towards commodities and traditional equities rather than the crypto market, resulting in a significant decrease in overall market participation. Despite the sharp contraction in spot volume, the sluggish trading activity may indicate that the selling pressure behind the current price correction is gradually weakening. A similar spot volume collapse occurred before the end of the 2023 bear market, followed by a return to volatility and the onset of a bull market rebound. Investors should patiently wait for a recovery in spot demand and an increase in leverage demand, and also pay attention to macroeconomic signals and changes in trading volume to determine if this is the incubation period for new opportunities.