Glassnode says Bitcoin spot trading volume has fallen to its lowest level since 2019

According to a new report from on-chain analytics firm Glassnode, reported on Friday 31 July 2026, Bitcoin's spot trading volume has fallen to its lowest level since 2019. The main driver is the yield on US Treasuries, which allows institutional investors to earn a return by holding cash rather than taking risk in the crypto market, a situation previously seen only during the bear market of 2022 and 2023.

Bitcoin is currently trading in a range of $62,000 to $68,000, the heaviest cost basis zone in this market. Half of that volume is held by short term holders sitting on losses and the other half by long term holders. According to analysts, the start of a new upward trend would require the price to clear resistance at $69,000.

Historical data also shows that Bitcoin's current bear market has been the shallowest in the cryptocurrency's history, both in the size of the drawdown and in the length of time spent below the 200 day moving average.