Spot crypto volumes just hit 2024 lows, and it shows.
Since October, spot trading volume has been cut in half — from ~$2T to ~$1T — as liquidity dries up and investors step back. Bitcoin is still ~37% off its October highs, and spot demand keeps fading, especially after the Oct. 10 liquidation wiped out leverage.
It’s not just volume. Stablecoins are leaving exchanges, with roughly $10B in market cap gone, adding more pressure to liquidity.
Analysts say this pullback may actually be healthy — clearing excess leverage and speculation. But for a true BTC bottom, there’s one thing missing: long-term holders still aren’t feeling real pain yet. Historically, bottoms form when both short- and long-term holders are underwater.
Bottom line: engagement is weak, liquidity is tight, and patience is still required. A real recovery likely needs fresh ETF inflows, clearer regulation, or a shift back toward easier Fed policy.
