Bitcoin Spot Trading Volume Falls to Lowest Level Since 2019, Analysts Say

Analyst Wu Blockchain pointed out that, according to data cited from Glassnode, Bitcoin's spot trading volume has fallen to its lowest level since 2019. In the same interpretation, the analysis company also stated that the market continues to show signs of weakness in both spot activity and institutional demand.

According to the report, the three-month Bitcoin futures basis yield has remained below the U.S. two-year Treasury yield since February. In the assessment mentioned by Wu Blockchain, this trend represents only the second recorded prolonged inversion and may guide funds toward cash and government bonds. The article also noted that exchange flows and spot ETF demand remain cautious.

Bitcoin is trading within a major cost-basis cluster between $62,000 and $68,000, with $69,000 seen as key resistance. Glassnode stated that the current bear market is the shallowest on record by drawdown, but it has not lasted long enough to confirm a bottom, while its model remains mildly "Risk Off."

According to the cited data, Bitcoin is trading within an important average cost range of US$ 62 million to US$ 68 million. In this scenario, the US$ 69 million area is viewed as a key resistance level for the asset, aligning with the interpretations relayed in the report.

Wu Blockchain also relayed that Glassnode assessed that, from a drawdown perspective, the current bear market for Bitcoin is the "shallowest" on record. However, the company believes this trend is still insufficient to confirm a bottom formation, and its model remains slightly in a risk-off posture.

In the scenario described in the report, this set of signals points to a Bitcoin market with low spot activity, moderate demand, and cautious institutions. The given interpretation suggests that this is a phase of compression and waiting, focusing on relevant technical levels, but it is uncertain whether the market has established a bottom.