Bitcoin climbed more than 30% in August, yet exchange trading volumes stayed near levels last seen in September 2023, analyst Darkfost reported. Binance spot volume fell from $198 billion in October 2025 to $44 billion, while Gate and Bybit also recorded steep declines. Meanwhile, Glassnode reported renewed options activity as BTC recovered toward $80,000.

Binance spot volume fell to $44 billion from $198 billion in October 2025, while Gate and Bybit also recorded sharp declines. Bitcoin faces $78,500 resistance, with a break potentially targeting $82,000, while $71,000 remains key support. Options open interest recovered toward 550,000 BTC as put demand weakened and call buying increased near $80,000.

Bitcoin Volume Remains Near Multi-Year Lows

Darkfost said August trading volumes remained weak despite Bitcoin's monthly gain. The trend followed similar conditions in July, leaving activity near three-year lows. The divergence between rising prices and falling spot volume suggests the rally has been driven without a broad pickup in exchange dealing, a pattern analysts often watch as a gauge of retail participation and market conviction. Binance recorded the highest spot volume among the exchanges reviewed.

However, its volume dropped from $198 billion in October 2025 to $44 billion. That figure stood $1.6 billion above July's level. On Gate, volume fell from $53.4 billion to $14 billion. Bybit also saw volume decline, dropping from $41.2 billion to $17.4 billion. Across the three platforms, average volumes fell by about 70%. Declining spot volumes on major exchanges have also been a recurring industry theme as market share fragments across platforms and on-chain and derivatives venues, though the figures cited here cover only the three exchanges reviewed.

Analyst Tracks Bitcoin Levels and Activity

Doctor Profit said Bitcoin entered a soft bull market after breaking key resistance on Aug. 20. He identified $71,000 as strong support and $78,500 as major resistance. According to Doctor Profit, a break above $78,500 could open a move toward $82,000.

He said a strong break above $82,000 would begin full bull market escalation. However, he described a $71,000 retest as possible rather than his preferred scenario. He also said the $60,000 reaction showed capital waiting to buy market weakness.

Meanwhile, Doctor Profit said daily RSI looked hot, while weekly and monthly readings remained neutral. He described the move as a short squeeze, rather than leverage-heavy activity. The RSI, or relative strength index, is a momentum oscillator traders use to identify overbought and oversold conditions; a short squeeze occurs when forced buying by traders closing bearish positions amplifies upward price movement.

Bitcoin Options Positioning Shifts

Glassnode reported that Bitcoin options open interest recovered toward 550,000 BTC alongside the price rebound. DVOL also rose, reaching about 41 while remaining below earlier 50-60-plus regimes. DVOL is Glassnode's implied volatility index for Bitcoin options, reflecting the market's expected price波动 expectations embedded in option prices.

Additionally, 25-delta skew compressed across maturities, with short-term skew turning negative. Skew measures the relative pricing of puts versus calls; a negative short-term skew indicates calls are being priced at a premium, a shift typically associated with demand for upside exposure. Glassnode said this reflected lower demand for downside protection. Bitcoin also moved into a dense gamma zone around $75,000-$80,000, an area where options dealers' hedging activity can amplify price moves as positions cluster around strike prices.

Recent options flow centered on $72,500 and $79,250, with notable call buying. Put demand remained comparatively muted, while open interest rebuilt as BTC approached $80,000.