BlockBeats report: On May 26, analyst Darkfost noted that Bitcoin spot trading volume has plummeted by 81% since October 2025, falling back to the lows seen during the bear market of July 2023. The macro environment remains unfavorable for risk assets: rising inflation pressures and the prolonged Israel-Iran conflict beyond expectations have driven investors toward commodities and traditional stock markets instead of the crypto market, significantly reducing overall market participation.
Although spot volume has significantly contracted, sluggish trading activity may indicate that selling pressure behind the current price correction is gradually easing. Historically, similar collapses in spot volume occurred before the end of the 2023 bear market, followed by a return in volatility and a subsequent bull market rebound. Investors should remain patient, awaiting a recovery in spot demand and rising leverage interest, while also monitoring macroeconomic signals and volume trends to determine whether this is the酝酿 stage of a new opportunity.