Bitcoin spot volume plunges to lowest level since 2024

After peaking around $25 billion a day during the 2025 crypto bull market, Bitcoin (BTC) spot volume has crashed to the lowest level since 2024.

The Bitcoin spot volume, which measures the total spot volume in United States dollars, has plunged to around $4.5 billion a day, according to data from Checkonchain analyzed by Finbold on July 30.

BTC spot volume. Source: Checkonchain

The Bitcoin spot volume has tumbled below $5 billion a day for the first time since its rally in the first half of 2024, which was catalyzed by the approval of several U.S. spot BTC ETFs (exchange-traded funds).

The asset’s spot volume topped out at approximately $25 billion a day after the flagship coin hit $100,000 for the first time. As BTC price was rejected at a monthly resistance level near $103,029 in February 2025 and capitulated over 22% by March, its spot volume tanked to about $5 billion.

In the subsequent BTC price corrections, BTC spot volume has spiked during major sell-offs. For instance, Bitcoin’s spot volume increased to $16 billion, from slightly above $5 billion, during the February 2026 panic selling.

However, the daily traded spot volume has fallen below $5 billion during the recent rebound from $58,500 to $66,499.

Why is Bitcoin spot volume drying up?

Bitcoin spot volume has fallen to the lowest level since 2024 due to reduced whale activity. Furthermore, the Bitcoin holder net position change, which shows coins that are unspent for at least 155 days, shows long-term investors have been steadily accumulating, but at a noticeably slower pace.

Notably, long-term Bitcoin holders’ net additions dropped from around 40,000 BTC in late May to about 14,000 BTC in late July, as per metrics from Checkonchain.

Bitcoin holder net position change

BTC price analysis

Bitcoin price has cratered more than 45% over the past year amid diminishing spot volume. At press time, the asset traded at $63,710, down 1.82% over the past seven days.