[Analysis: BTC Spot Trading Volume Falls Back to Bear Market Levels of July 2023, Selling Pressure Gradually Weakens] BlockBeats news, May 26, analyst Darkfost pointed out that Bitcoin spot trading volume has plummeted 81% since October 2025, returning to the sluggish levels seen during the bear market of July 2023. The macroeconomic environment remains unfavorable for risk assets: rising inflationary pressures and the prolonged, unexpected escalation of the U.S.-Iran conflict have led investors to shift toward commodities and traditional stock markets rather than the crypto market, significantly reducing overall market participation. Although spot volume has contracted sharply, the subdued trading activity may indicate that the selling pressure behind the current price correction is gradually weakening. Historically, similar spot volume collapses occurred before the end of the bear market in 2023, followed by a return of volatility and the onset of a bull market rebound. Investors should patiently wait for future recovery in spot demand and an increase in leverage demand, while also keeping an eye on macroeconomic signals and volume changes to assess whether this is the brewing stage of new opportunities.