币界网报道：Bitcoin spot trading volumes have seen a significant decline in recent months, dropping to levels not seen since late 2020, according to data from Kaiko. The average daily spot volume for BTC on centralized exchanges fell below $2 billion in October, marking a 90% decrease from its peak in March 2023. Analysts attribute this slump to reduced retail participation amid high interest rates and regulatory uncertainty, as well as the growing popularity of derivatives trading, which now accounts for over 80% of total crypto trading volume. The shift towards institutional-focused products like ETFs and the rise of decentralized exchanges have also diverted activity away from traditional spot markets. Despite the downturn, some experts suggest the low volumes may indicate a market bottom, with potential for renewed interest if macroeconomic conditions improve or spot Bitcoin ETFs gain approval.