Spot crypto trading volumes fall to 2024 lows as demand weakens

CryptoQuant data cited in the report show aggregate spot volumes dropping from roughly $2 trillion in October 2025 to about $1 trillion by the end of January 2026. Bitcoin was trading near $78,167 and was down about 37.5% from its October peak, with the pullback coinciding with thinner spot demand and broader risk aversion.

CryptoQuant analyst Darkfost wrote on 2 February 2026 that spot demand is drying up and linked the correction largely to a liquidation event on 10 October 2025. The report also noted that Binance’s bitcoin spot volume fell from about $200 billion in October 2025 to around $104 billion, underscoring the contraction in activity.

Market liquidity has also been pressured by stablecoin moves. The report pointed to stablecoin outflows from exchanges and an estimated $10 billion decline in total stablecoin market capitalization alongside the drop in spot turnover.

Justin d’Anethan, head of research at Arctic Digital, told Cointelegraph that the main near-term risks for bitcoin appear macro-driven, citing uncertainty around the Federal Reserve outlook and real yields. He added that renewed spot bitcoin ETF inflows, clearer pro-crypto legislation, or softer economic data could help improve sentiment, while the recent decline may have helped reduce leverage and speculative excess.

Alphractal founder and chief executive Joao Wedson wrote that bitcoin may not be at a cycle bottom yet. He said a bottom typically requires short-term holders to be underwater and long-term holders to start realizing losses, and argued that bear markets tend to end when the short-term holder realized price falls below the long-term holder realized price. Wedson wrote that the short-term holder realized price remains above the long-term holder level and warned that a drop below $74,000 could push bitcoin into bear-market territory.