Bitcoin spot trading activity has fallen to its weakest levels in months across major centralized exchanges, pointing to a broad contraction in market participation rather than an isolated decline on a single platform.

According to seven-day average data, Bitcoin spot volume on Binance declined to approximately $1.16 billion on July 29, its lowest level since October 2025. Across a group of more than 16 centralized exchanges excluding Binance, combined volume dropped to $3.7 billion—the lowest reading since July 2024.

The deeper historical low recorded outside Binance suggests that reduced activity has spread across the wider spot market.

Binance, however, continued to hold substantial market weight: its volume was equivalent to roughly 31% of the combined volume recorded by all other tracked exchanges, representing nearly 24% of total observed activity.

The reading coincided with the Federal Reserve’s latest policy decision.

The Fed maintained its target rate at 3.50%–3.75%, but the decision passed by a 9–3 vote, with three members supporting a 25-basis-point increase.

The unusually divided vote kept the prospect of further monetary tightening in focus, reinforcing uncertainty around liquidity conditions for risk assets.

Because the volume indicator represents a seven-day average, the decline cannot be attributed solely to the Fed announcement. However, the absence of a meaningful recovery around one of the month’s most closely watched macroeconomic events indicates that Bitcoin spot traders remain cautious and selective.

The central signal is clear: Bitcoin is experiencing a market-wide decline in spot participation, while Binance continues to retain a significant share of the remaining trading activity.

Written by Amr Taha