Bitcoin traded near $76,600 on May 26, down 0.72% over 24 hours, according to crypto.news price data.
Summary
- Bitcoin spot volumes dropped 81% since October 2025, returning toward July 2023 bear-market activity levels.
- Binance volume fell to $36.4 billion, while Gateio and Bybit also recorded steep trading declines.
- Rising Binance funding rates show leveraged demand returning as spot activity and active addresses cool.
The same page showed 24-hour volume at $19.88 billion, market capitalization at $1.53 trillion, and a daily range between $76,400 and $77,700.
The move came as traders reacted to renewed tension in the Middle East. Reuters reported that U.S. forces struck missile launch sites and boats in southern Iran, with U.S. Central Command calling the action “self-defense” while saying the ceasefire remained in place.
The pullback followed a brief rise toward $77,700 on Monday before Bitcoin moved back below $76,500. That left BTC close to the same area where price has stalled several times during recent recovery attempts.
As previously reported by crypto.news, a potential Iran-U.S. peace memorandum could reduce Bitcoin’s short-term “war hedge” premium if it reopens the Strait of Hormuz and lowers energy-market risk. Any sanctions relief could keep the longer-term Bitcoin and stablecoin debate active as states reassess dollar exposure.
Bitcoin spot trading volume falls to bear-market lows
CryptoQuant contributor Darkfost said Bitcoin spot trading volume has fallen 81% since October 2025. The analyst said current spot activity has dropped to levels last seen in July 2023, a period widely linked with weak bear-market trading.
Binance still led Bitcoin spot activity with $36.4 billion in trading volume. That was down from $198.6 billion in October 2025. Gateio volume also fell 79.6%, while Bybit volume dropped 66%, according to the same update.
The analyst linked the fall in volume to a tough macro backdrop for risk assets. Rising inflation pressure and the longer U.S.-Iran conflict have pushed some investors toward commodities and traditional equity indices instead of crypto markets.
The same data can also support a more constructive reading. Falling spot activity may show that selling pressure behind the current pullback is losing force. In past cycles, heavy volume contraction often appeared before volatility returned, although it did not confirm an immediate recovery.
Network activity and funding send mixed signals
Bitcoin’s network activity has also cooled. Analyst Ali Charts said active addresses fell 39.80% over the last two weeks, dropping from 821,000 to 494,000. The analyst said this showed weaker short-term activity as speculative traders stepped back.
That reading fits the low-volume picture. When active addresses decline during price consolidation, it often means fewer traders are chasing short-term moves. It can also show lower demand for transactions and weaker retail activity.
Derivatives data gave a different message. CryptoQuant analyst Arab Chain said Bitcoin funding rates on Binance rose to about 0.0081, their highest level since December 2025. The analyst linked the move to renewed demand for long positions as BTC traded near $77,000.
Higher funding rates show that leveraged traders are paying more to hold long exposure. This can support the recovery case if spot demand returns. It can also raise liquidation risk if price turns lower quickly and crowded long positions unwind.
As crypto.news reported, earlier Bitcoin funding data had stayed weak for weeks during the April pullback. At the time, Binance perpetual funding rates remained negative for 46 straight days, a pattern that showed traders were still cautious.
Bitcoin price waits for volume confirmation
The current Bitcoin setup is split between weak spot demand and renewed derivatives activity. Spot volumes have fallen sharply, active addresses have dropped, and BTC remains below its recent intraday high near $77,700.
At the same time, positive funding rates show that some leveraged traders are returning. That leaves the market more sensitive to sudden moves because thinner spot volume can make price swings sharper.
For now, traders are watching whether Bitcoin can reclaim the $77,700 area and push toward $78,000. A clean move above that range would show that buyers are absorbing geopolitical pressure and weak spot activity.
If Bitcoin loses the $76,000 area, selling pressure may return toward the next support zones. The wider market will also keep tracking Iran headlines, funding rates, and spot volume for signs of a stronger trend.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
