Bitcoin (BTC) spot volumes on Binance have dropped to their lowest level since September 2023, indicating that the current intraday price rise may not be backed by strong demand. The rally above $71,700 on Monday was largely driven by news headlines and liquidations in the Bitcoin futures markets. Crypto analyst Darkfost stated that March is expected to record the lowest Binance spot volume since Q3 2023 at roughly $52 billion, compared to the $88 billion recorded in September 20th. The exchange flow data also indicated a slowdown, with $6.38 billion in seven-day cumulative flows on Bance and $5.14 billion on Coinbase. The lower inflows may also coincide with a reduced supply to sell, as fewer coins move onto the exchanges. The whale inflow momentum, which tracks the rate of change in large transfers to the exchanges, also increased significantly.