Spot volumes drop 66% in ‘lulls’ that often precede next cycle leg: Bitfinex

cointelegraphPublished on 2025-12-13Last updated on 2025-12-13

Abstract

Bitfinex reports a 66% decline in crypto spot trading volumes this quarter, dropping from over $500 billion in early November to around $250 billion. The exchange notes this mirrors historical market lulls that often precede the next cycle upswing. Analysts observe Bitcoin's tightening price structure near key levels of $89,000–$92,000, suggesting a breakout toward $100,000 is possible if resistance is broken. Despite a recent Fed rate cut and a large institutional purchase, momentum faded as the move was already priced in, leaving markets subdued amid softer ETF inflows and macroeconomic uncertainty.

Bitfinex says crypto spot trading activity has fallen sharply this quarter, with volumes down 66% from January’s peak as traders step back amid softer ETF inflows and an uncertain macro backdrop.

In a Sunday post on X, the exchange noted that the slowdown mirrors periods seen in earlier market cycles, where extended lulls often “precede the next leg in the cycle.”

According to data from CoinMarketCap, 30-day crypto spot volumes have slipped from over $500 billion in early November to roughly $250 billion this week.

Trading activity struggled to stay above the $300–$350 billion range throughout late November and early December, with several sessions sliding toward $200 billion, levels not seen in months. The decline followed a brief spike in mid-November, when volumes exceeded $550 billion before retreating quickly, data shows.

*Spot crypto volumes continue to drop. Source: CoinMarketCap*

Related: Brazil’s largest private bank advises investors to allocate 3% to Bitcoin in 2026

Bitcoin nearing breakout as key levels tighten

Meanwhile, market analysts say the current environment resembles previous pre-breakout periods. In a recent post on X, Michaël van de Poppe noted a tightening price structure in Bitcoin (BTC), saying that major macro events in the coming week could drive a surge in volatility.

“Bitcoin holds above this crucial level, but I'm sure we'll start to see volatility pick up significantly over the course of the next days,” the analyst said.

He pointed to key levels at $89,000 and $92,000, arguing that a break above resistance could accelerate a move toward $100,000 before 2026, while losing support risks another retest of lower ranges.

Related: Bitcoin rallies fail at $94K despite Fed policy shift: Here's why

Crypto slips despite fed cut

As Cointelegraph reported, Bitcoin briefly climbed to $94,330 early in the week, lifted by Strategy’s $962 million purchase, its largest Bitcoin investment since mid-2025.

However, the momentum faded quickly as traders awaited the final Federal Open Market Committee meeting of the year. The Federal Reserve delivered a widely expected 25-basis-point rate cut on Wednesday, giving markets a short-lived boost before sentiment cooled again. According to CoinEx analyst Jeff Ko, the move offered little upside because it was “already priced in.”

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