Bitcoin rose more than 30% in August 2026, but one measure of trading activity remained well below its previous peak. CryptoQuant contributor Darkfost reported that monthly spot volume on Binance, Gate and Bybit was still about 70% lower than in October 2025.

A narrow volume comparison

The figure covers three named centralized exchanges and a specific monthly comparison. It should not be generalized into a claim that the whole Bitcoin market “lacks liquidity.” Other exchanges, derivatives markets and over-the-counter trading are outside the cited measure.

What would confirm broader participation

Darkfost argued that a durable rally would be stronger if trading volume expanded alongside price. That is an analyst’s interpretation, not proof that price must reverse. A separate Darkfost post discussed realized capitalization; it does not establish a single cause for the August move.

The data are historical and may be revised. They do not constitute investment advice or a price forecast.

Sources: Darkfost volume analysis; Darkfost realized-cap analysis; Incrypted report.