Cryptocurrency spot trading volume drops to 2024 low

On February 3rd, data showed that spot trading volume in the cryptocurrency market has significantly declined due to liquidity contraction and decreased risk appetite. The spot trading volume of major trading platforms has halved from about $2 trillion in October last year to $1 trillion at the end of January, falling back to the low range since 2024. CryptoQuant pointed out that spot demand has continued to cool down since October, with Bitcoin's current price falling by about 37.5% from its October high, and tight liquidity compressing trading volume. The monthly spot trading volume of Binance Bitcoin has decreased from approximately $200 billion in October to the current $104 billion. The outflow of stablecoins and a decrease in market value of approximately $10 billion further weakened the buying base. At the macro level, the market's hawkish expectations of Kevin Walsh's possible appointment as Federal Reserve Chairman may suppress risky assets, but some analysts believe that the adjustment will help clear leverage. If Bitcoin ETF funds flow in or monetary policy shifts towards easing in the future, the market may welcome a rebound window.