Spot trading volume on CEXs has dropped to $965.6M, the lowest since October 2020.
Bitcoin's price remains strong at $107,193 despite low market activity.
Futures and on-chain movements have declined, indicating widespread HODLing behavior.
Bitcoin trading activity on centralized exchanges (CEXs) has declined sharply, returning to levels last seen in October 2020. According to data from CryptoQuant, both spot and futures volumes have contracted significantly. The downtrend indicates a major shift in market behavior, with participants holding rather than trading or moving assets. This pause occurred in 2025, despite data showing that Bitcoin had climbed to a new high in the market.
https://twitter.com/AxelAdlerJr/status/1931938159513772154 Trading Volumes Plunge to Multi-Year Lows
Recent trading volumes have dropped to their lowest level in years. The average trading volume for spot markets on centralized exchanges was $965.6 million in the month of January, the lowest since December 2020. Futures trading volume has followed a similar pattern. While both metrics rose significantly during previous bull market periods, they have now declined in tandem.
This drop suggests fewer coins are being sold or actively traded. With fewer assets moving through the market, on-chain transactions have also slowed. Historically, such volume drops occur when holders grow more reluctant to sell or exit their positions.
Source: CoinMarketCap
The decline in the volume of trading synchronizes with solid to increasing price action. The price of Bitcoin stands at $107,193, having appreciated by 1.7% over the past 24 hours. Price action has been near its latest high, and support stands at $105,384 while a resistance area is at $107,202. Such price levels indicate a consolidation market, likely anticipating external drivers before commencing the next move.
HODLing Behavior Becomes Dominant
The available data reflects a smaller number of people interested in transactions. The movement of coins directly on the blockchain is very limited, and liquidity has reduced. This trend is often associated with long-term investing, which crypto enthusiasts refer to as ‘HODLing.’ It seems that investors have moved from actively trading to managing their existing investments.
The lack of interest in futures reflects the decision by market participants to remain passive. Futures trading activity, once dominant during periods of high volatility, has eased alongside declining volumes. With fewer derivative trades, the market has entered a phase of lowered speculative activity.
Bitcoin Price Holds Steady Amidst Slowing Market Activity
In spite of the premium nature of Bitcoin, the overall trading environment does not have the strength. Falling volumes typically indicate reduced participation by retail and institutional investors both. However, the continued strength in the price indicates that current owners feel positive or are just not willing to sell at current prices.
The evidence verifies that the price of Bitcoin is decoupled from trading volumes. While the value remains high, the underlying movement in the market has slowed considerably, echoing behaviors seen during past accumulation phases.
