Spot trading volume for Bitcoin has been recovering from its July lows, according to recent market activity, yet this upswing is not enough to confirm a robust market recovery, as noted by CryptoQuant analyst Darkfost. For Bitcoin to challenge a new all-time high, a more accelerated growth in trading volume and increased demand are crucial.
Major Exchanges See Increased Bitcoin Activity
Analyst Darkfost highlighted in his analysis dated October 5 that during the lows of July, Bitcoin’s spot trading volume hit its weakest levels since the preceding bear market. In parallel, market interest in Bitcoin plunged to its lowest point in nearly three years.
“Since July, there has been a limited recovery on major cryptocurrency exchanges. Binance‘s Bitcoin spot trading volume rose from $42 billion in July to $50 billion by September, leading among major exchanges,” explained Darkfost.
Bybit followed suit, with its spot trading volume increasing from $14 billion to $19 billion over the same period. Kraken experienced a notable surge, with volumes doubling from $4 billion to $8 billion.
While this increase aligns with Bitcoin’s recent upward momentum, it falls short of signifying a decisive market recovery. For a potential new record high, further increases in spot trading volume and demand are necessary.
Bitcoin ETFs Gain While Ethereum Funds See Outflows
Data shared by Wu Blockchain on October 5 indicates that U.S. spot Bitcoin ETFs recorded a net inflow of $241 million between September 28 and October 2, marking the third consecutive week of positive inflows and sustained institutional interest.
In contrast, spot Ethereum ETFs in the U.S. witnessed a net outflow of $138 million during the same timeframe, highlighting a divergent cash flow between Bitcoin and Ethereum funds.
Although the continuing inflows into Bitcoin ETFs and the rise in exchange volumes suggest a recovery, Darkfost’s assessment underscores the necessity of a strengthened trend to reach a new historical peak.



