Senior analyst at CryptoQuant, Axel Adler Jr, has highlighted a significant development in the world of cryptocurrency. According to Adler, the average daily spot trading volume of Bitcoin 
$77,560 on centralized exchanges (CEX) has dropped to levels not seen since October 2020. In a statement on June 9, 2025, Adler summarized, “No sales on exchanges, no movement on-chain. The market has entered an accumulation phase,” indicating that traders are opting to hold onto their crypto assets, refraining from active trading. Experts caution that this declining volume may exacerbate price volatility and restrict market liquidity.
What Triggered the Volume Decline?
The spot trading volume on centralized exchanges has plummeted to its lowest point since the post-Covid-19 recovery period, averaging around $965 million daily. Continued global inflation declines have shifted institutional interest towards derivatives, slowing new fund influxes into the spot market. Additionally, regulatory uncertainties, especially in the US related to the anticipated stablecoin legislation, have put investors in a wait-and-see mode.
The situation has been further exacerbated by declining miner sales following the block reward halving and institutional capital steering towards ETFs. Rising transaction fees have nudged small investors towards passive strategies, while large Bitcoin purchases executed over the counter (OTC) have created additional volume not visible on the Blockchain.
Long-Term Crypto Savings Strategy of Investors
Meanwhile, on-chain data shows that the amount of Bitcoin held in wallets has reached an all-time high. Approximately 820,000 BTC have been withdrawn from exchanges over the past six months, reinforcing a trend towards cold storage. Portfolios seeking to avoid risk view volatility as a threat rather than an opportunity and are increasingly turning to passive income models such as staking and yield pools.
Despite the volume decline, the price remains high, reinforcing the “tight supply” narrative. Analysts note that for a new rally to begin, spot demand on CEXs must revive. In this scenario, decisions made by long-term investors will be crucial in determining the market’s future direction.
