BlockBeats News, May 26th. Analyst Darkfost pointed out that Bitcoin's spot trading volume has plummeted by 81% since October 2025, falling to the low levels seen during the bear market in July 2023. The macro environment remains unfavorable for risk assets: rising inflationary pressures and the prolonged US-Iran conflict have led investors to shift towards commodities and the traditional stock market rather than the crypto market, resulting in a significant decrease in overall market participation.

Despite the significant contraction in spot volume, the sluggish trading activity may indicate that the selling pressure behind the current price pullback is gradually weakening. Similar spot volume collapses have occurred before the end of the bear market in 2023, followed by a return of volatility signaling the start of a bullish rebound. Investors should patiently wait for a recovery in future spot demand and an increase in leveraged demand, while also monitoring macro signals and volume changes to determine whether a new opportunity is emerging.