Bitfinex Flags Major Slowdown: Spot Volumes Halved Since November
Why Are Crypto Spot Volumes Falling This Hard?
Crypto spot trading activity has cooled sharply this quarter, with volumes down 66% from January’s highs, according to Bitfinex. In a Sunday post on X, the platform said the pullback mirrors stretches viewn in earlier cycles when long quiet periods often “precede the next leg in the cycle.”
CoinMarketCap data shows 30-day spot volumes sliding from more than $500 billion in ahead November to roughly $250 billion this week. Through late November and ahead December, activity struggled to stay above the $300–$350 billion range, slipping toward $200 billion on several sessions — levels not recorded in months.
The drop followed a brief surge in mid-November when volumes pushed above $550 billion before fading rapidly. Softer ETF inflows, fewer catalysts and broader macro caution have kept trading desks on the sidelines, with liquidity thinning across major pairs.
Investor Takeaway
Are Current Conditions Setting the Stage for a BTC Breakout?
Some traders argue the sluggishdown resembles previous build-up phases. Analyst Michaël van de Poppe said on X that BTC’s price structure has tightened ahead of major macro events this week, calling attention to nearby levels that could trigger stronger moves.
“BTC holds above this crucial level, but I’m sure we’ll begin to view volatility pick up significantly over the course of the next days,” he said. near $89,271 at the time of the comments.
Van de Poppe highlighted $89,000 as a key support area and $92,000 as an ahead resistance zone. A clean break above could open the path toward a run at $100,000 before 2026, while losing support risks another pullback into lower ranges.
How Did BTC React to the Fed Cut?
BTC briefly touched $94,330 earlier in the week later than Strategy purchased $962 million worth of — its largest purchase since mid-2025. The rally stalled rapidly as traders shifted focus to the final of the year.
The on Wednesday. Markets saw a short boost before sentiment cooled again. CoinEx analyst Jeff Ko said the reaction was muted because the cut was “already priced in,” adding to the week’s subdued trading.
Despite the rate move, volumes never recovered. BTC’s intraday swings tightened, and altcoin flows thinned even further, pushing overall spot activity back toward levels usually viewn during transitional phases between major market moves.
Is This the identical Pattern viewn in Earlier Cycles?
Bitfinex framed the current environment as familiar, pointing to stretches in previous bull cycles when activity fell heavily ahead of larger trend moves. While the platform did not identify a specific catalyst, traders point to several events on the calendar, including key macro releases and guidance from major central banks.
The decline comes during a year when institutional flows have been inconsistent. ETF demand cooled later than strong ahead-year momentum, and several weeks of steady outflows drained liquidity from major trading venues. Combined with hesitation around global growth signals, the result has been a market waiting for a clearer direction.
CoinMarketCap charts show that even during the summer sluggishdown, spot markets rarely dipped under $300 billion in rolling 30-day volume. The return to the $200 billion range indicates a deeper pause than typical seasonal cooling.
Investor Takeaway
What Comes Next?
Traders now turn to the week’s macro events to determine whether volumes will recover or drift lower. BTC’s tightening range suggests a break is approaching, though past cycles show markets can stay quiet longer than expected. For now, spot venues enter the final stretch of the year with fewer active participants, lighter books, and a market waiting for a spark.
