Bitcoin Spot Volumes Drop to Lowest Since 2023

Bitcoin spot trading volumes drop to levels last seen in late 2023, indicating reduced investor activity.

Spot trading volumes of the leading cryptocurrency on major exchanges have fallen to levels seen in September-October 2023, marking the end of the previous bear phase. This was highlighted by an analyst known as Darkfost.

📉 $BTC Spot volumes hit lowest levels since end of Bear market.

The collapse in Bitcoin spot trading volumes continued throughout the month of April.

💥 Spot volumes have now returned to levels comparable to September 2023, marking the end of the previous bear market.

This… pic.twitter.com/p9npEyD5DG

— Darkfost (@Darkfost_Coc) April 29, 2026

According to him, the decline in activity persisted throughout April, indicating a significant reduction in investor participation. Binance was most affected, with volumes dropping by approximately $25 billion since March. On Gate, the figure halved by $13 billion, and on OKX, it fell by about $6 billion.

Darkfost linked the downward trend to the macroeconomic backdrop, particularly the events surrounding the conflict in the Middle East.

“Concerns about persistent inflation have intensified. In such conditions, the Fed is unlikely to have enough room to accelerate policy easing at today’s FOMC meeting,” he noted.

Against this backdrop, many investors are hesitant to open long-term spot positions in Bitcoin: medium-term prospects remain uncertain, added Darkfost.

Experts at Glassnode provided similar statistics. They noted that such periods are often accompanied by reduced market depth and increased price sensitivity to capital flows.

Bitcoin spot volumes across major exchanges have fallen to their lowest levels since October 2023.

Such low volume environments often coincide with reduced market depth and heightened sensitivity to flow shifts

📊 https://t.co/XLo1nlsykP pic.twitter.com/Pn6xfZs4gx

— glassnode (@glassnode) April 29, 2026

Weak Interest

The cooling of investor interest was also pointed out by Alphractal founder Joao Wedson. According to his data, the number of Google searches for cryptocurrencies has hit a three-year low.

Google searches for cryptocurrencies are at their lowest level in the last 3 years.

That explains the current sentiment.

This is a fragile moment, where the strong survive and the weak complain.

Alphractal is a unique platform where you can explore everything from on-chain to… pic.twitter.com/QYDIuGKkO1

— Joao Wedson (@joao_wedson) April 28, 2026

The expert believes that the current phase reflects the sector’s vulnerable state—market participants need patience and resilience.

The cryptocurrency fear and greed index further hints at investor uncertainty. As of April 29, it stands at 26 points, indicating a “fear” zone.

Previously, amid Bitcoin’s rise above $77,000, the index reached 46—the highest level since January.

At the time of writing, the leading cryptocurrency is trading around $77,100. Over the past day, the asset’s price has increased by 1.7%.

Earlier, on April 28, the exchange Coinbase and analytics platform Glassnode released a joint report on the rise of optimism in the crypto market.