Bitcoin spot volume sinks to 2023 bear-market lows as selling pressure starts to fade

BlockBeats reported on May 26 that analyst Darkfost said Bitcoin's spot trading volume has slid 81% since October 2025, returning to levels last seen at the July 2023 bear-market trough. The broader backdrop remains challenging for risk assets. Renewed inflation concerns and the Israel–Iran conflict lasting longer than expected have pushed investors toward commodities and traditional equities, draining participation from crypto markets. Despite the sharp contraction in spot volume, the subdued activity may also suggest that selling pressure behind the current pullback is gradually easing. Similar spot-volume collapses were observed ahead of the 2023 bear market's end, followed by a pickup in volatility and a subsequent rebound into a bull phase. Darkfost said investors may need to stay patient, watching for a recovery in spot demand and renewed appetite for leverage. He also flagged macro signals and volume trends as key indicators for assessing whether the market is entering an incubation phase for a new opportunity.