Bitcoin Spot Trading Slumps, Chance for Rebound?

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Major exchanges saw steep declines. Binance, for one, has shed $25 billion in volume since March.

Bitcoin has struggled to surge past $80,000 despite multiple attempts. Interestingly, its spot trading volumes have dropped to their lowest levels since the end of the previous bear market and have returned to levels last seen in September 2023.

The decline continued throughout April, indicating a clear slowdown in activity and a sharp reduction in overall market participation, according to the latest findings from analyst Darkfost.

Traders Stepping Away?

The drop is evident across major exchanges. Since March, Binance, which still holds the largest share of trading activity, has recorded a decline of roughly $25 billion in volumes within a month. The trend extends beyond a single platform. For instance, Gate.io witnessed its volumes cut in half, which is a $13 billion decrease. OKX, on the other hand, reported a drop of around $6 billion.

The contraction comes against a challenging macroeconomic backdrop that continues to weigh on sentiment. Ongoing developments surrounding the conflict with Iran have not provided clarity, while concerns over continued inflation have strengthened.

In this context, the Federal Reserve is seen as having limited room to accelerate monetary easing at the current FOMC meeting.

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