Bitcoin spot trade has been at a new low since the end of the bear in 2023, down 75% from the peak at the end of 2024

On 28 July, CryptoQuant Analyst Darkfost released data, and the spot trade volume of Bitcoin continued its long-term contraction in July of this year, with a total drop of more than 75 per cent from the peak at the end of 2024 on the main trading platform. Binance alone recorded more than $35 billion a month, but it still shrunk significantly compared to $246 billion in November 2024. During the same period, there was a simultaneous contraction of transactions across major platforms. The last such low level of transactions goes back to the end of Bear City in 2023. Analysts attribute weak demand for risk assets to multiple macro-pressures: the US-Iraq conflict continues to exacerbate the risk-pression preference, and high inflation keeps the market concerned about maintaining high interest rates, an environment that is extremely unfavourable to speculative assets. At the same time, the fact that the stock market continued to absorb most of the liquidity available — the extraordinary performance of the technology block — has driven this rainbow-absorption effect, but this narrative began to be questioned in July. To return to the upward trend, bitcoin requires a shift in the macro-environment and, more importantly, a return in demand, which is the only driving force that can really drive up trade volumes。