[Bitcoin Spot Trading Volume Hits New Low Since Late 2023 Bear Market, Plunging Over 75% from Late 2024 Peak] According to a report by Jinse Finance, on July 28, CryptoQuant analyst Darkfost released data showing that Bitcoin spot trading volume continued its long-term decline in July this year. The overall spot trading volume on major platforms has dropped by more than 75% compared to the peak at the end of 2024. Binance alone recorded over $35 billion in trading volume for the month, but this is still a significant decrease compared to $246 billion in November 2024. During the same period, trading volumes across major platforms also shrank simultaneously. The last time trading volumes were this sluggish was at the end of the 2023 bear market. The analyst attributes the weak demand for risk assets to multiple macroeconomic pressures: the escalating U.S.-Iran conflict continues to suppress risk appetite, while high inflation fuels market concerns about interest rates remaining elevated. This environment is extremely unfavorable for speculative assets. Meanwhile, the stock market continues to absorb most of the available liquidity—driven by the strong performance of the tech sector, which has created a siphoning effect. However, this narrative began to face skepticism in July. For Bitcoin to return to an upward trend, a shift in the macroeconomic environment is needed, but more importantly, demand must return. This is the only true driving force that can push trading volumes back up.