Crypto Spot Volumes Down 66% From Peak as Next Cycle Leg Nears

Bitfinex says crypto spot trading activity has fallen sharply this quarter, with volumes down 66% from January’s peak as traders step back amid softer ETF inflows and an uncertain macro backdrop.

In a Sunday post on X, the exchange noted that the slowdown mirrors periods seen in earlier market cycles, where extended lulls often “precede the next leg in the cycle.”

According to data from CoinMarketCap, 30-day crypto spot volumes have slipped from over $500 billion in early November to roughly $250 billion this week.

Trading activity struggled to stay above the $300–$350 billion range throughout late November and early December, with several sessions sliding toward $200 billion, levels not seen in months. The decline followed a brief spike in mid-November, when volumes exceeded $550 billion before retreating quickly, data shows.

Related: Brazil’s largest private bank advises investors to allocate 3% to Bitcoin in 2026

Bitcoin nearing breakout as key levels tighten

Meanwhile, market analysts say the current environment resembles previous pre-breakout periods. In a recent post on X, Michaël van de Poppe noted a tightening price structure in Bitcoin (BTC), saying that major macro events in the coming week could drive a surge in volatility.

“Bitcoin holds above this crucial level, but I’m sure we’ll start to see volatility pick up significantly over the course of the next days,” the analyst said.

He pointed to key levels at $89,000 and $92,000, arguing that a break above resistance could accelerate a move toward $100,000 before 2026, while losing support risks another retest of lower ranges.

Related: Bitcoin rallies fail at $94K despite Fed policy shift: Here’s why

Crypto slips despite fed cut

As Cointelegraph reported, Bitcoin briefly climbed to $94,330 early in the week, lifted by Strategy’s $962 million purchase, its largest Bitcoin investment since mid-2025.