The Bitcoin (CRYPTO:BTC) futures-to-spot trading volume ratio has decreased by 63% since the peak of the last bull market, indicating a shift towards spot trading.

During the 2021 bull run, futures trading volume dominated, with the ratio exceeding 12.

However, the ratio has significantly declined since then, stabilising at lower levels in 2023.

This shift suggests a cooling of speculative interest, with spot trading gaining prominence.

Additionally, spot exchange-traded funds (ETFs) now account for almost a quarter of the total spot trading volume.

Despite this shift, futures trading still leads but with reduced dominance, potentially signaling a healthier market balance.