Bitcoin spot volume falls 81% across major exchanges

CryptoQuant’s analysis, shared May 26, shows bitcoin spot trading volume across major exchanges declined 81% from October 2025 levels. Binance’s reported spot volume fell from $198.6 billion in October to $36.4 billion in the latest reading.

The chart in CryptoQuant’s report tracks activity on Gate.io, Bybit, OKX, Coinbase, Kraken and Upbit. Gate.io volume decreased about 79.6% and Bybit about 66% from October, the analysis shows. The firm described the pattern as broad cooling across spot markets rather than a shift of flows between exchanges.

Market participants cited a mix of macroeconomic and geopolitical factors for lower engagement. The analysis notes persistent inflationary pressure and an extended U.S.-Iran conflict have coincided with some investors rotating into commodities and traditional equity indexes, while spot activity on major crypto exchanges weakened.

CryptoQuant wrote that lower turnover appears to reflect reduced participation across the sector. The report added, “The decline in trading activity suggests that the selling pressure behind the current retracement is gradually losing momentum.” The analysis also compared current conditions with late 2023, when spot volume weakened before volatility and a recovery in price trend.

Data from Coinglass show softer engagement across both spot and derivatives markets. Coinglass dashboards tracking futures open interest, funding rates and liquidation volumes point to reduced speculative demand and lower leverage compared with earlier peaks in the cycle.

Trading activity and order-book depth have fallen alongside volume. CryptoQuant noted thinner liquidity on exchanges and flagged the historical pattern that followed past collapses in spot volume: “Historically, it was precisely after spot volumes collapsed that the 2023 bear market came to an end, followed by the return of volatility and the recovery of the bullish trend.”

Traders are watching whether spot activity stabilizes while bitcoin holds current price levels. A pickup in exchange volume would indicate increased participation, while continued weakness would reflect ongoing low turnover. The CryptoQuant snapshot provides a cross-exchange comparison for market participants monitoring short-term trading dynamics and liquidity conditions.