Spot trading volume in the cryptocurrency market has declined by 50% over three months, with Binance's Bitcoin trading volume decreasing from $200 billion to $104 billion within that period. This drop is linked to a major forced liquidation event in October last year, combined with stablecoin outflows reducing liquidity on exchanges. Experts warn macroeconomic risks such as potential Federal Reserve hawkish policies could impact Bitcoin further, though renewed ETF inflows and favorable legislation may help spur recovery.

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