Bitcoin Spot Volume at Lowest Level Since 2019: $58,500 Warning from Glassnode

As Bitcoin (BTC) spot trading volume drops to its lowest level since 2019, Glassnode has warned of the risk of the price retreating to $58,500.

The Bitcoin price is currently stuck between the market’s median realized price of $63,000 and the $68,700 cost basis of short-term holders. According to Glassnode’s assessment, the price remaining between these two levels indicates that the market continues to seek direction.

Glassnode’s seven-day average data, excluding Binance, indicates that spot trading volume has fallen to its lowest level since 2019. The chart also shows that volumes temporarily spiked in 2022-2023 due to Binance’s zero-fee trading period, with the 2023 bear market bottom standing out as a distinct turning point.

Demand is weakening in the Bitcoin spot market

According to the data, seller exhaustion indicators are approaching levels seen at previous bear market bottoms. While these indicators show that selling pressure in the market is beginning to diminish, they do not indicate a new uptrend on their own. Glassnode notes that demand in the spot market remains weak.

While inflows into Bitcoin exchange-traded funds remain at modest levels, net Bitcoin transfers to exchanges continue. Glassnode warns that due to weak buy orders and the concentration of high-leverage positions, losses could accelerate if the Bitcoin price falls below the June bottom level of $58,500.