BTC trading volume on major centralized exchanges has fallen to its lowest level since the 2023 bear market.
Macro & Markets ·
Bitcoin trading volume on major centralized exchanges has reached its lowest point since the 2023 bear market, according to on-chain analytics. The decline reflects a contraction in spot trading activity across leading venues, suggesting reduced participation or capital rotation during the current market cycle. The exact drivers—whether attributable to consolidation, regulatory hesitation, or shifts toward decentralized or institutional channels—remain unclear; analysts have not yet offered a consensus explanation for the sustained volume compression.