Bitcoin (BTC) spot volumes have collapsed to 2023 bear-market lows, with Binance, Gate.io and OKX shedding a combined $44 billion in monthly turnover.
Spot Volume Drops On Binance
CryptoQuant analyst Darkfost flagged the slide on Tuesday, noting that participation has thinned across every major venue since March.
Binance, still the dominant exchange, has lost about $25 billion in monthly spot volume. Gate.io saw its activity cut in half, a drop of roughly $13 billion. OKX shed close to $6 billion.
The contraction comes as BTC trades near $76,900, unable to clear $80,000 after several attempts. Glassnode separately reported that daily turnover has fallen below $8 billion, the weakest reading since October 2023.
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Hayes Eyes $125K Target
Glassnode warned that thin volume tends to amplify price swings once flows return, leaving Bitcoin more sensitive to macro shocks.
Darkfost said investors are reluctant to build long-term spot exposure while Iran tensions and sticky inflation cloud the outlook. He added that bear-market volume often precedes the next leg up.
Arthur Hayes, Maelstrom CIO and BitMEX co-founder, told Bitcoin Vegas 2026 attendees that wartime defense spending and the new Enhanced Supplemental Leverage Ratio could push BTC to $125,000 by year-end.
Bitcoin peaked near $126,000 in October 2025 before sliding through the winter. The token bottomed near $60,000 in February 2026, briefly rebounded, then stalled below $80,000 through April as ETF flows cooled.
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