Bitcoin Spot Volume Up 121%: What’s Different This Time, According to Glassnode?
Glassnode said Bitcoin spot trading volume has risen 121% from its August low, noting that this recovery differs from the previous four volume surges: This time, volume increased as prices rose, rather than fell.
According to the company’s September 23 Week On-chain report, four consecutive spot volume expansions from late 2025 through mid-2026 occurred during periods when Bitcoin was declining. Glassnode links these moves to periods when investors turned to selling during downturns. The recovery that began in August broke that pattern, marking the first volume expansion in about a year to coincide with rising prices.
Why does the increase in volume matter?
The 121% figure in the report refers to the increase in 24-hour spot trading volume on the exchanges Glassnode tracks, compared with the August low. It does not mean that Bitcoin’s price rose by the same amount or that this much net money flowed into the market.
According to Glassnode, trading activity spreading across multiple exchanges rather than being concentrated on a single exchange also indicates that the recovery has a broader base. However, the company is watching to see whether volume stays above its pre-rally range to confirm sustained demand.
Recovery underway, but a return to previous levels is still some way off
Despite the sharp increase, the seven-day average for spot volume is about 30% below its level a year ago. For this reason, the report characterizes the move as a recovery from depressed levels rather than a full return to 2025 conditions.
Spot Bitcoin ETFs in the U.S. also recorded about $1.3 billion in net inflows over five days from the start of the rally covered in the report. The two weeks before that period saw net outflows. ETF inflows are presented as a separate indicator of demand from spot trading volume; the two figures are not added together.
The report’s ETF data runs through September 21, while its spot volume data runs through September 22. Glassnode’s assessment points to a recovery in demand, but whether it develops into a sustained uptrend depends on whether the flows continue.