In July, as Bitcoin was printing its low, spot volumes also hit their lowest level since the previous bear market.

This marked the weakest interest in Bitcoin in nearly 3 years.

Since then, volumes have picked up slightly but are still struggling to recover decisively.

On Binance, spot volume topped $50B in September, versus $42B in July. These are the highest volumes recorded among the major exchanges.

Bybit recorded $19B versus $14B in July, and Kraken did the same with $8B versus $4B.

This modest increase came alongside the new momentum on Bitcoin.

The trend now needs to accelerate, with more spot volume and above all more demand, for Bitcoin to attempt new highs.

Written by Darkfost