Bitcoin Market Sees Lowest Volume Since 2019: 2 Million BTC Locked at This Level

Glassnode’s latest report reveals that spot volumes in the Bitcoin market have dropped to their lowest levels since 2019, with investors shifting into a “wait-and-see” mode.

The cryptocurrency market is currently experiencing a rare period of stagnation. The weekly report titled “Paid to Wait,” published by Glassnode, shows that volumes and liquidity in the Bitcoin (BTC) ecosystem have retracted to extremes. Notably, spot trading volume has dropped to 60,000 BTC per day, marking the dullest period since 2019.

Behind this silence lies not only low volume but also a rare macroeconomic dynamic. For only the second time in history, US Treasury yields have surpassed low-risk crypto yield strategies (carry trade). This situation, which has persisted for approximately 157 days, proves that investors prefer waiting in safe havens rather than turning to risk assets. This structural shift in the market clearly explains why investors remain inactive.

Critical Support Zone for Bitcoin Price

This extreme stagnation in the market brings with it a significant cost concentration for the Bitcoin price. According to the data, a massive cost basis of approximately 2 million BTC has formed within the 62,000 dollar to 68,000 dollar price range. This concentration serves as a very strong support zone during downward price movements and supports the market’s efforts to hold at current levels.

When examining exchange order books, it is observed that buy orders waiting below the current price are quite dense, while upward selling pressure has thinned out. This picture indicates that the market is gathering energy for a new breakout and that current levels are serving as a fortress for long-term holders.