According to CryptoQuant data, following the massive liquidation event on October 10, the crypto market experienced a significant shockwave that exposed the fragility of overleveraged positions. Many traders who suffered heavy losses are now returning to spot trading, adopting a more cautious and fundamentals-based approach.

Binance continues to dominate the spot market, with total cumulative Bitcoin spot trading volume on the exchange recently reaching a staggering $180 trillion, further solidifying its position as the global market leader.

Compared with early September, the shift has been striking. Back then, daily BTC spot volumes on Binance ranged between $3 billion and $5 billion, whereas since October 10, volumes have soared to between $5 billion and $10 billion per day.

The surge in spot trading activity reflects a renewed focus on fundamentals, as investors become more risk-aware and less reliant on derivatives. This trend could lay the groundwork for a more sustainable bullish recovery.

Historically, market cycles have shown that phases of spot accumulation often precede structural recoveries, as returning spot liquidity builds a healthier base for future speculative upswings.