Blab Crypto
Bitcoin Spot Volume Drops to Lowest Level Since 2024, Reflecting Slower Whale Activity
Bitcoin’s daily spot trading volume has slipped below the $5 billion mark for the first time since the first half of 2024, marking a sharp retreat from the market’s recent highs.
Finbold’s analysis of Checkonchain data on July 30 shows that total USD volume of Bitcoin spot trades has settled around $4.5 billion. The decline follows a pronounced contraction that began after the cryptocurrency’s 2025 peak, when it briefly touched $100 k.
The rally that lifted Bitcoin to that milestone was largely propelled by the approval of several U.S. spot Bitcoin ETFs in early 2024. Spot volume peaked at an all‑time high of roughly $25 billion a day during that surge. However, when the price stalled near a monthly resistance level of $103 k in February 2025 and subsequently fell 22 % by March, the daily volume fell to about $5 billion.
During the ensuing corrections, volume has occasionally spiked during large sell‑offs. For example, February 2026 panic selling pushed daily spot volume to $16 billion, up from just above $5 billion. Yet the most recent rebound from $58 500 to $66 499 saw volume fall again below the $5 billion threshold.
Analysts point to a slowdown in whale activity as a key factor behind the drying volume. Long‑term holders—addresses that have held coins for at least 155 days—have been adding Bitcoin at a slower pace. Checkonchain metrics show net additions of long‑term holders fell from about 40 000 BTC in late May to roughly 14 000 BTC in late July.
Bitcoin’s price has also weakened dramatically over the past year, falling more than 45 %. At the time of reporting, the asset traded at $63 710, down 1.82 % over the previous seven days. The prevailing view among market observers is that a price recovery will be tied to a rebound in spot volume.
In summary, Bitcoin’s spot volume has contracted sharply after a 2025 bull‑market peak, and the current low level reflects both a slowdown in large‑holder activity and a broader price decline. No major protocol upgrades or regulatory changes are expected to alter this trend in the short term, and the market will likely continue to monitor volume as a leading indicator of any potential price rebound.
Finbold’s analysis of Checkonchain data on July 30 shows that total USD volume of Bitcoin spot trades has settled around $4.5 billion. The decline follows a pronounced contraction that began after the cryptocurrency’s 2025 peak, when it briefly touched $100 k.
The rally that lifted Bitcoin to that milestone was largely propelled by the approval of several U.S. spot Bitcoin ETFs in early 2024. Spot volume peaked at an all‑time high of roughly $25 billion a day during that surge. However, when the price stalled near a monthly resistance level of $103 k in February 2025 and subsequently fell 22 % by March, the daily volume fell to about $5 billion.
During the ensuing corrections, volume has occasionally spiked during large sell‑offs. For example, February 2026 panic selling pushed daily spot volume to $16 billion, up from just above $5 billion. Yet the most recent rebound from $58 500 to $66 499 saw volume fall again below the $5 billion threshold.
Analysts point to a slowdown in whale activity as a key factor behind the drying volume. Long‑term holders—addresses that have held coins for at least 155 days—have been adding Bitcoin at a slower pace. Checkonchain metrics show net additions of long‑term holders fell from about 40 000 BTC in late May to roughly 14 000 BTC in late July.
Bitcoin’s price has also weakened dramatically over the past year, falling more than 45 %. At the time of reporting, the asset traded at $63 710, down 1.82 % over the previous seven days. The prevailing view among market observers is that a price recovery will be tied to a rebound in spot volume.
In summary, Bitcoin’s spot volume has contracted sharply after a 2025 bull‑market peak, and the current low level reflects both a slowdown in large‑holder activity and a broader price decline. No major protocol upgrades or regulatory changes are expected to alter this trend in the short term, and the market will likely continue to monitor volume as a leading indicator of any potential price rebound.
