🗞️ Spot demand Is drying up : Bitcoin enters its 5th month of correction

We are now entering the 5th consecutive month of correction for Bitcoin.

This correction has been largely driven by the October 10th event, which led to a massive destruction of liquidity, particularly in the futures market.

In a single day, Open Interest dropped by more than 70,000 BTC, representing over $8B wiped out.

But this is not the only factor at play.

Overall market liquidity is also under pressure, as reflected by stablecoin outflows from exchanges, as well as a roughly $10B decline in stablecoin market cap over the period.

At the same time, developments in spot market volumes are equally telling.

Since October, BTC spot volumes have been cut in half, with Binance still holding the largest share at $104B.

For comparison, in October, volumes on Binance had nearly reached $200B, versus $53B on https://t.co/Eo19RoWqBv and $47B on Bybit.

This contraction in volumes has brought the market back to levels among the lowest observed since 2024, suggesting a clear disengagement from investors in the crypto market and, consequently, weaker demand.

The current environment remains uncertain and does not encourage risk-taking.

For a sustainable recovery to take place, it will be essential to continue monitoring this trend and, above all, to see spot trading volumes return.