Bitcoin spot volume on exchanges fell to 126,000 BTC per day. This is the average for the first ten months of 2026. The calculation based on Coin Metrics data was compiled by the analytical platform Unfolded, with the sample closed on November 9, 2026.
What spot is. This is trading in the coin itself, without futures and leverage. It was counted not in dollars but in coins: the dollar volume rises and falls with the price, while the volume in BTC shows the real number of coins that changed hands.
Why this matters to a trader. The fewer coins change hands, the thinner the exchange order book. The same order in such a book moves the price more.
How much has turnover fallen?
- 126,000 BTC - average daily volume for the first ten months of 2026
- 453,000 BTC - this is how much passed per day on the spot market in 2022
- 327,000 coins - this much daily turnover has left the market
- 72% and 16% - the decline relative to the 2022 level and to last year's
The price itself is also lower. Bitcoin is trading around $74,000 - roughly 41% below the October 2025 record above $126,000, amid renewed selling by institutional holders.
Where did the coins go?
One explanation is that Bitcoin is flowing to places where it is not traded every day.
- Exchange-traded funds (ETFs). This is a fund whose shares are bought like an ordinary security, while the Bitcoin itself sits inside.
- Institutional custody. The coins sit with custodians, not in trading accounts.
- Long-term holders' wallets. Such holders stay in a position for years and do not create exchange turnover.
What do other measurements show?
- Glassnode - in August 2026 recorded the weakest spot turnover since the start of its series in 2019
- K33 - estimated the average daily volume of the same month at $1.8 billion
An important caveat. A decline in volume in coins does not mean the same decline in dollars. The result also depends on the set of exchanges and pairs in the sample.
What does this mean for a trader?
The main point: a thin book absorbs large orders worse. During stressful hours, the same order moves the price more.
The practical takeaway is one: for crypto, it is worth looking in advance at position size and at the daily drawdown limit. If you trade such markets on a prop account, choosing a challenge for crypto is easier by filtering by market and conditions.
Have you been caught by a spike on a thin book?
In a day, 126 thousand coins pass instead of 453 thousand. An order itself moves the price, and slippage eats up the entry. On a prop account this is immediately visible: in some places the drawdown is calculated by tick and a single spike closes out the daily limit, in others only pairs to the dollar are available from crypto. These lines of the rules decide whether the account survives to the first payout. A filter by market and limits will show where such conditions fit your trading.