[Analyst: BTC Spot Trading Volume Shows Moderate Recovery, but Demand Insufficient to Support New Highs] Crypto analyst Darkfost stated that Bitcoin spot trading volume has shown a moderate recovery since the July low, but the overall recovery momentum remains limited. When Bitcoin hit a cyclical low in July, spot trading volume also dropped to its lowest level since the last bear market, reflecting the weakest market interest in BTC in nearly three years. Since then, spot trading volume has picked up, but a significant recovery has yet to materialize. Darkfost disclosed data showing that Binance's spot trading volume rose to over $50 billion in September, up from $42 billion in July; Bybit's spot trading volume increased from $14 billion in July to $19 billion; Kraken's volume rose from $4 billion to $8 billion. The moderate growth in spot trading volume has accompanied a new wave of upward momentum for Bitcoin, but if BTC aims to challenge new highs, the market still needs further increases in spot trading volume, particularly from new demand.