Analysis: BTC Spot Trading Volume Drops to July 2023 Bear Market Levels, Selling Pressure Eases Simultaneously
May 26: Analyst Darkfost flagged that Bitcoin’s spot trading volume has plummeted 81% since October 2025, falling to lows last seen during the July 2023 bear market. The macroeconomic backdrop remains unfavorable for risk assets: rising inflationary pressures and the protracted U.S.-Iran conflict have pushed investors toward commodities and traditional equities rather than crypto markets, resulting in a sharp decline in overall market participation.
Despite the significant contraction in spot volume, the sluggish trading activity could signal that selling pressure during the current price pullback is gradually weakening. Similar spot volume collapses preceded the end of the 2023 bear market, followed by a return of volatility that marked the start of a bullish rebound. Investors should wait patiently for a recovery in future spot demand and an uptick in leveraged demand, while monitoring macro signals and volume shifts to determine if a new opportunity is emerging.
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Watch the tokenomics of FARM and HIGH tokens in the Pinecone Finance market.
May 26 — Per market data, tokens FARM and HIGH saw significant price swings in recent trading hours. FARM surged 25% to $7.77 from $6.13 over the past hour, then dipped to $6.33, and is now trading at $6.5. HIGH followed a similar trajectory: it hit $0.178 before falling to $0.138, and currently sits at $0.144, with an approximate 29% fluctuation in the last two hours.
Earlier, Binance added both FARM and HIGH to its observation watchlist on April 14. Notably, FARM is scheduled for delisting tomorrow at 11:00 UTC+8.
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The EU is planning to impose a fine of nearly €1 billion on Google
May 26 – Reuters reports the European Union is planning to fine Google nearly 1 billion euros, a penalty that would rank as the largest ever issued under the bloc’s Digital Markets Act (DMA), with a formal announcement expected before the summer break.
The probe into Google was officially launched in March 2025, centered on allegations that the company has unfairly prioritized its own services in search results – a violation of DMA rules. The European Commission noted its primary goal is ensuring Google complies with regulations, not just imposing fines, but emphasized it will not hesitate to take additional action if needed.
Google, meanwhile, criticized the DMA for triggering what it calls the “biggest demotion” to its search product, and said it aims to resolve the dispute as soon as possible.
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Binance Returns to the Philippine Market Through Regulatory Sandbox
May 26, Binance announced it’s returning to the Philippine market in a regulatory-compliant manner through a partnership with local firm BlockShoals. The collaboration will operate under the Philippines Securities and Exchange Commission (SEC)’s regulatory sandbox framework, allowing Binance to transition from its restricted status—rooted in earlier regulatory issues—to an officially authorized testing phase.
The regulatory sandbox will let Binance offer trading and other services in a controlled environment, with the potential to secure a formal operating license once the testing period wraps up. For context: Binance had run operations in the Philippines before, but the SEC restricted it in 2024 for operating without the required licenses.
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Iranian State Media Denies Iran-US Memorandum of Understanding
May 26 – Iran’s state television is reporting that recent claims from some foreign media outlets about a 14-point memorandum of understanding (MOU) between Iran and the U.S. are “pure fabrication and completely baseless.” The network noted that some media sources had alleged just hours earlier they’d obtained the final draft of the Iran-U.S. MOU, which was said to include terms for opening the Strait of Hormuz, launching nuclear talks, and unfreezing Iran’s blocked funds. But all these claims are false, per the state TV report.
Tracking data from PolyBeats shows that on the prediction market Polymarket, the probability of the U.S. and Iran reaching a permanent peace agreement plummeted in the short term over multiple recent dates. Currently, the odds of such a deal being reached by May 31 stand at 26%, while the likelihood of it happening by June 30 is 56%.
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