Bitcoin spot volume and volatility hit multi‑year lows

Bitcoin trading activity has fallen to multi-year lows, with spot volumes collapsing and market volatility reaching its quietest point in nine months. The cryptocurrency is trading around $77,000, struggling to break above the $80,000 level and remaining nearly 40% below its record high above $126,000 set in October 2025.

Data from analytics firm CryptoQuant shows Bitcoin spot trading volumes on major exchanges have fallen sharply since last October. On Binance, monthly spot volume has declined by approximately 81%, dropping from $198.6 billion to about $36.4 billion. Other major platforms, including Gate.io and Bybit, have posted declines of 79.6% and 66%, respectively, over the same period. Current spot volumes are at their lowest levels since July 2023, a period that marked the trough of the previous bear market.

Concurrently, a key measure of expected market turbulence has plunged. The Bitcoin Volmex Implied Volatility Index, which reflects the market’s expected 30-day price swings derived from options prices, fell to 36.11 this week, its lowest level since September 2025. Analysts note this indicates traders are anticipating significantly smaller price moves in the near term.