BlockBeats message, August 31, according to CryptoQuant analyst Darkfost: although Bitcoin rose 30% in August, combining CEX spot trading data shows that Bitcoin spot demand is still at a historical low, similar to the level seen in September 2023.
For example, on Binance, this CEX still maintains the highest spot trading volume in the industry, but the figure fell from $198 billion to $44 billion. However, it is worth noting that this number is $1.6 billion higher than in July, which is the first sign of stability.
Darkfost noted that if trading volume rises alongside prices, it would be a strong signal indicating the start of a new Bitcoin bull market cycle.
For example, on Binance, this CEX still maintains the highest spot trading volume in the industry, but the figure fell from $198 billion to $44 billion. However, it is worth noting that this number is $1.6 billion higher than in July, which is the first sign of stability.
Darkfost noted that if trading volume rises alongside prices, it would be a strong signal indicating the start of a new Bitcoin bull market cycle.