According to CoinMeta, crypto analyst Darkfost stated on platform X that Bitcoin's spot trading volume has seen a modest rebound since the July lows, but the overall recovery is still limited. Among the major exchanges, Binance's spot trading volume rose to over $50 billion in September, up from $42 billion in July. Bybit's spot trading volume increased from $14 billion in July to $19 billion, while Kraken's rose from $4 billion to $8 billion. Darkfost analysis indicates that when Bitcoin hit its阶段性 low in July, spot trading volume also fell to its lowest level since the previous bear market, reflecting the weakest interest in BTC in nearly three years. Although spot trading volume has rebounded, there has not yet been a clear recovery. Generally speaking, a modest increase in spot trading volume is accompanied by a new round of upward momentum for Bitcoin, but if BTC wants to challenge new highs, the market still needs to see further increases in spot trading volume, especially in terms of new demand.