Average daily Bitcoin trading volume has declined 72% from its 2022 level, highlighting weakening exchange activity and growing concerns about market liquidity. Bitcoin spot trading activity has fallen to its lowest annual level in a decade, with average daily volume declining to approximately 126,000 BTC in 2026, according to Coin Metrics data compiled by cryptocurrency analytics platform Unfolded. The figure represents a 72% decline from the 453,000 BTC traded daily in 2022 and a 16% decrease compared with 2025, underscoring a sustained reduction in the number of bitcoins changing hands on centralized exchanges. The dataset, covering trading activity through November 9, 2026, places average daily spot volume at its lowest level since 2016.
Unlike dollar-denominated trading volume, which changes with Bitcoin’s market price, BTC-denominated volume measures the actual quantity of coins exchanged. The decline comes as Bitcoin trades around $74,000, approximately 41% below its October 2025 record of more than $126,000, amid renewed institutional selling and broader cryptocurrency market volatility.
Bitcoin Trading Activity Declines 72% From 2022 Levels
The latest figures highlight a significant transformation in Bitcoin’s market structure over the past four years. In 2022, daily spot trading averaged approximately 453,000 BTC, compared with just 126,000 BTC during the first ten months of 2026. The reduction of approximately 327,000 BTC per day suggests that fewer coins are circulating through tracked exchange trading pairs, even as Bitcoin has become more accessible through regulated investment products. One possible explanation is the growing concentration of Bitcoin in exchange-traded funds, institutional custody arrangements and long-term investor wallets.
These holdings can reduce direct exchange turnover when investors retain exposure for extended periods rather than actively trading the underlying cryptocurrency. However, lower BTC-denominated volume does not necessarily imply an equivalent decline in the dollar value of transactions, particularly when comparing periods with substantially different Bitcoin prices. The figures also depend on which exchanges and trading pairs are included in the underlying dataset. Separate research from Glassnode identified exceptionally weak spot trading activity during August 2026, with its exchange-volume indicator reaching its lowest level since the dataset began in 2019. Research firm K33 similarly reported that average daily Bitcoin spot volume had fallen to approximately $1.8 billion in August, indicating subdued trading participation.
Thinner Trading Activity Raises Questions About Market Liquidity
Declining spot volume has raised concerns about Bitcoin’s ability to absorb large transactions without significant price movements. When fewer buyers and sellers actively trade, substantial orders can potentially produce greater price changes, particularly during periods of market stress. However, trading volume and liquidity are not interchangeable. Market depth, bid-ask spreads and available resting orders are also important measures of trading conditions. CoinDesk Research reported in October that Bitcoin’s order-book depth had improved from earlier periods, even while spot trading activity remained considerably below previous peaks.
This distinction suggests that reduced turnover does not automatically indicate deteriorating liquidity across every exchange. The growing role of derivatives markets also complicates the picture, as traders increasingly obtain Bitcoin exposure through futures, perpetual contracts and other instruments instead of directly purchasing spot assets. Meanwhile, recent withdrawals from U.S. spot Bitcoin ETFs have added to concerns about institutional demand. Lower trading activity can amplify volatility when leveraged positions are liquidated, although the direction and magnitude of subsequent price movements remain uncertain. The latest Coin Metrics figures therefore point to a structural decline in Bitcoin-denominated exchange turnover rather than definitive evidence of disappearing market liquidity. Whether trading activity recovers will depend on investor participation, institutional demand and broader financial market conditions.