Bitcoin Spot Volumes Hit 2023 Lows

Bitcoin's spot volumes have hit 2023 lows amid market caution.

The price of the leading cryptocurrency has stabilized within a narrow range around $77,500. Following the holidays in the United States, market activity remains subdued, with investors exercising caution.

Traders on Polymarket estimate a 75% probability of closing the current week above the $76,000 level.

Momentum Fades

According to a report by Glassnode, the price momentum indicator has decreased by 21.7% over the past seven days, reflecting a weakening in price dynamics and increased selling pressure.

#Bitcoin pulled back from $79K to $74K before rebounding toward $77K, with momentum and activity cooling. Despite softer sentiment, easing sell pressure hints at early signs of stabilization.

Read this week’s Market Pulse👇https://t.co/YE6dXfaImn pic.twitter.com/ut24qnNAw7

— glassnode (@glassnode) May 25, 2026

The recovery in quotes was accompanied by a cooling of speculative demand:

• spot volumes decreased by 10%;
• open interest in futures fell by 3.5%.

In the market maker Enflux noted that there is a “buyer” in the market, but large capital is hesitant to increase positions.

2023 Lows

An analyst under the pseudonym Darkfost pointed to a critical decline in activity. According to his data, monthly spot trading volumes of bitcoin have dropped to levels typical of a deep bear market phase.

🗞️ BTC Spot Volumes Have Crashed 81% Since October 2025.

Bitcoin spot trading volumes have now fallen to levels typically seen during bear markets.
You have to go back to July 2023 to find a month with spot volumes this low on BTC.

Despite this slowdown, Binance continues to… pic.twitter.com/P1XN9CN1PI

— Darkfost (@Darkfost_Coc) May 26, 2026

On the largest crypto exchange Binance, the figure fell to $36.4 billion — 81% below the values of October 2025 ($198.6 billion). Similar dynamics are observed on Gate (-79.6%) and Bybit (-66%).

The expert linked this to macroeconomic pressure but suggested that the “drying up” of volumes might indicate seller exhaustion, as was the case at the end of the 2023 cycle.

Balance of Power

Despite the decline in turnover, several on-chain indicators point to stabilization, noted Glassnode.

The spot index CVD, reflecting market buyer activity, rose by 77.2%, and a similar metric for perpetual futures increased by 35.5%. A 135.4% jump in funding rate payouts confirms the persistent demand for longs, although it has not yet turned into an aggressive rally.

Exchange reserves remain near multi-year lows at 2.3 million BTC. The limited supply shields the market from sharp declines, but the start of a new upward trend requires a return of institutional interest in spot ETFs, whose inflow has significantly slowed.

Awaiting Macroeconomic Triggers

The market has adopted a wait-and-see stance ahead of the release of the U.S. Personal Consumption Expenditures (PCE) Index — a key inflation indicator for the Fed.

Excessively high PCE values could strengthen investors’ belief in maintaining tight monetary policy, negatively impacting risk assets. Conversely, a cooling of inflation could bring buyers back to bitcoin.

On May 25, the price of the leading cryptocurrency rose above $77,000 amid falling oil prices.