Bitcoin Spot Volumes Drop as Equity Hedging Rises Across Markets
May 26, 2026
< 1 min read
by Peter Mwangi
for CoinEdition

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- Bitcoin spot trading volumes fell 81% since October 2025 as exchange activity weakened.
- Hedge funds raised U.S. equity short exposure while Bitcoin volatility stayed elevated.
- Binance remained the top BTC exchange despite declining crypto market participation.
Bitcoin spot trading activity has declined across major crypto exchanges, with monthly volumes falling to levels last seen during the July 2023 bear market. The slowdown comes as institutional investors adopt more defensive positioning in U.S. equity markets and Bitcoin increasingly diverges from traditional risk assets.
Data shared by market analyst Darkfost showed that Bitcoin spot trading volumes have dropped by 81% since October 2025. Binance, which remained the largest exchange by trading volume, recorded roughly $36.4 billion in BTC spot volume, down from approximately $198.6 billion. The data also sho…
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