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The Bitcoin (BTC) spot volume has continued to fall in recent weeks, returning to levels last seen in October 2023. As of April 29, Bitcoin spot volume—defined as the total value of BTC traded on exchanges at the current market price across major crypto exchanges—dropped below $5 billion, according to Glassnode.
The decline has persisted through April even as BTC prices showed a mild recovery. Investors’ participation in spot Bitcoin has weakened amid a challenging macroeconomic environment, which has been further complicated by the ongoing geopolitical crisis.
Data from CryptoQuant shows that Binance, the largest cryptocurrency exchange by traded volume, saw its Bitcoin spot volume fall by nearly $25 billion over the past month. Gate.io and OKX recorded declines of $13 billion and $6 billion, respectively.
The sharp drop in spot volume points to reduced market depth, a liquidity measure. With liquidity thinning, the BTC price has become more sensitive to changes in spot market flows.
In the past two days, BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) has led spot Bitcoin exchange-traded funds (ETFs) and other U.S.-based institutional investors in renewed selling pressure, as reported by Finbold. The same reporting also noted that U.S. investors have been accelerating BTC distribution, alongside inflows to crypto exchanges, contributing to bearish sentiment.
BTC fell 4.90% over the past seven days and was trading at about $75,150 at press time. The article links the risk of further downside in May to continued institutional selling occurring alongside low spot volume, while also noting that a reversal in spot flows could change the direction.
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