Data shows that Bitcoin spot daily trading volume has fallen to less than $8 billion, the lowest level since October 2023, when the BTC price was still below $40,000. Glassnode points out that trading volume has been declining since its peak of over $25 billion in early February this year. Low trading volume usually indicates decreased market depth and greater sensitivity to changes in fund flows. Market depth is typically measured by buy and sell orders within a 2% range above and below the current price. When depth contracts, even a small number of large orders can significantly drive price fluctuations, meaning market volatility may be amplified. However, the options market does not currently fully reflect this risk. Volmex's BVIV index shows that Bitcoin's 30-day expected volatility has fallen below 42% annualized, a three-month low, indicating that traders are generally still betting on market stability. Analysts believe that ahead of the Fed's interest rate decision, market sentiment is cautious, and Bitcoin is currently hovering around $77,800, lacking a clear direction. If the Federal Reserve signals a hawkish stance, particularly expressing concern about rising energy prices and inflation risks, it could extend the pause in rate cuts or even strengthen expectations of rate hikes, thereby suppressing the performance of risk assets. (CoinDesk)