Bitcoin spot trading volume tells an interesting story about market structure shifts.

What's particularly notable is how concentrated participation has become—nothing like the broad-based volume surges we saw during earlier bull markets.

Back then, spot activity would spike across the board. But here's the thing: even with solid price momentum right now, overall spot trading isn't reflecting that same explosive participation we once observed. There's a disconnect.

It suggests a market where price discovery is happening through fewer hands, fewer exchanges, and more selective participation. The buying pressure exists, but it's not democratically distributed like it used to be. Whether that signals maturity, consolidation, or something else entirely, traders and institutions are clearly operating differently this cycle.