- Binance, Bybit and Kraken recorded higher Bitcoin spot volumes in September than July as trading activity gradually recovered.
- Bitcoin spot netflows swung sharply between inflows and outflows from September 23 to October 5, signaling volatile market activity.
- Darkfost said stronger spot volume and demand are needed for Bitcoin to challenge new highs above the $87,000 level.
Bitcoin spot trading volumes have recovered modestly since July, but analyst Darkfost says demand remains insufficient for a decisive move toward new highs. Binance, Bybit, and Kraken all recorded higher September volumes than July. Meanwhile, Bitcoin’s recent exchange flows show sharp swings between inflows and outflows as its price recovered toward $86,000.
Bitcoin Spot Volumes Recover From July Lows
Darkfost said Bitcoin spot volumes reached their lowest level since the previous bear market in July. The decline coincided with Bitcoin printing its low, marking the weakest interest in nearly three years.
Since then, trading activity has improved slightly, although volumes have yet to recover decisively. Binance recorded more than $50 billion in September spot volume, up from $42 billion in July.
Bybit’s volume increased from $14 billion to $19 billion over the same period. Kraken also doubled its volume, rising from $4 billion in July to $8 billion in September. These were the highest volumes among major exchanges, according to Darkfost. The increase accompanied renewed momentum in Bitcoin’s price.
Exchange Flows Show Sharp Swings
Bitcoin’s spot netflows also fluctuated significantly between September 23 and October 5. A negative netflow of roughly $175 million appeared on September 23, followed by another near $100 million. However, positive flows emerged on September 25, reaching approximately $100 million.
Another positive reading approached $70 million on September 28. The strongest positive spikes came around September 30 and October 2, reaching roughly $165 million to $175 million. Yet October 2 also recorded a negative flow near $155 million, highlighting substantial movement in both directions.
Bitcoin Price Holds Near $86,000
Bitcoin climbed from the 82,000–83,000 region toward $87,000 before retreating near $85,000. It then recovered toward $86,000, with the latest price around 86,000–86,500. Recent netflow bars have also become smaller than earlier readings.
Darkfost said spot volume and demand must accelerate for Bitcoin to attempt new highs. On the chart, $85,000 represents near-term support, while $87,000 remains the level to reclaim. A sustained move below $85,000 could expose the 82,000–83,000 region.
