BlockBeats News, July 28th, CryptoQuant analyst Darkfost released data showing that Bitcoin spot trading volume continued its long-term declining trend in July this year. The spot volume on major exchanges has dropped by over 75% from the peak at the end of 2024. Only Binance recorded over $350 billion in a single month, but this is still significantly lower than the $2.46 trillion in November 2024. During the same period, trading volumes on various major platforms shrank simultaneously. The last time such a low level of trading volume was seen was back in the late stages of the 2023 bear market.

The analyst attributed the weak demand for risk assets to multiple macro pressures: the escalating US-Iran conflict suppressing risk appetite, persistent high inflation causing lingering concerns about maintaining high interest rates, creating an extremely unfavorable environment for speculative assets. At the same time, the stock market continues to absorb most of the available liquidity—the tech sector's strong performance has been the driving force behind this liquidity drain, but this narrative began to be questioned in July. For Bitcoin to return to an upward trend, it needs a shift in the macro environment, and more importantly, a return in demand, which is the only driving force that can truly boost trading volume.