Bitcoin spot trading on centralized exchanges has fallen to its lowest point in over four years, according to data from CryptoQuant.
Crypto analyst Axel Adler Jr. noted that current spot volumes mirror levels last seen in October 2020. According to him, this shift points to a broader market trend in which Bitcoin holders are refraining from moving their coins on-chain or selling them on spot markets.
This behavior signals a rising focus on long-term accumulation. Investors appear to be embracing a buy-and-hold strategy, often referred to as HODLing, rather than chasing short-term gains.
Bitcoin’s on-chain activity offers further evidence of this shift. Transaction fees, both total and average, have dropped to historic lows. At present, moving Bitcoin typically costs less than $1.50, no matter the transaction size, according to Alphractal.
This contrasts with prior bull runs, where rising prices would cause network congestion and soaring fees. In those periods, heightened on-chain activity and speculative trading were common.
Now, the network operates with less congestion as many routine P2P transactions have migrated to faster, cheaper networks such as TRON, particularly for stablecoin transfers.
These trends suggest that Bitcoin is evolving from a medium of exchange and is currently strengthening its role as a store of value amid increased institutional adoption.
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