Bitcoin Spot Trading Volume Hits Lowest Level Since October 2023, Market May Face Significant Volatility Risk

April 29: Bitcoin’s daily spot trading volume has fallen below $8 billion—its lowest level since October 2023, well below February’s peak of over $25 billion. On-chain data firm Glassnode says low volume typically signals reduced market depth, making prices more sensitive to large capital flows. Analysis notes that shrinking buy-sell order book depth means a handful of large orders could trigger sharp price swings, suggesting the current low-liquidity environment may actually boost BTC volatility. Yet the options market is betting on a "low-volatility" scenario: Volmex’s BVIV index (measuring BTC’s expected 30-day volatility) has dropped below 42% annualized, hitting a nearly three-month low. CoinDesk cites Marex analysts as saying the market is in a state of "superficial calm yet underlying caution" ahead of the Federal Reserve’s interest rate decision, with thin liquidity. The next round of market drivers is more likely tied to macro factors than the crypto industry’s internal dynamics. The report also notes the energy market is emerging as a key variable for risk assets. After the UAE announced its exit from OPEC+ and Trump delivered fresh tough remarks on Iran, international oil prices have kept rising—Brent crude topped $114 a barrel. Markets fear that sustained oil gains could push the U.S. 10-year Treasury yield higher in tandem, further tightening financial conditions and weighing on risk assets including crypto.