BTC Volume Collapse Echoes Setup Before 2023 Bullish Recovery
On-chain and market data analytics platform Cryptoquant shared an insight on May 26 showing spot has fallen 81% from October 2025 levels. The analysis said activity has returned to conditions last seen near the end of the 2023 . Binance dropped from $198.6 billion in October to $36.4 billion, while Gate.io declined 79.6% and Bybit fell 66%. The chart also tracked OKX, Coinbase, Kraken, and Upbit, showing broad cooling across spot markets. The analysis connected the slowdown to weaker participation across the sector rather than a shift between exchanges. Lower turnover has emerged during a period of macroeconomic uncertainty tied to inflationary pressure and the extended U.S.-Iran conflict. Investors have rotated toward commodities and traditional equity indexes, while spot activity has continued to weaken. The insight suggested weaker trading activity may signal that selling pressure is easing after months of retracement. The analyst wrote: “The decline in trading activity suggests that the selling pressure behind the current retracement is gradually losing momentum.” Why Lower Can Mark a Cycle Transition Current trading conditions resemble the second half of 2023, when spot trading activity weakened sharply before returned and momentum recovered. The latest decline in exchange activity has revived comparisons with that earlier market transition. Coinglass data