Bitcoin’s Spot Market Remains Sluggish, but Derivatives Tell a Different Story

Speculative activity in the Bitcoin market is showing signs of recovery even as spot market participation remains subdued, according to Glassnode’s latest findings.

The analytics firm said spot trading activity continues to lack conviction, as Spot Volume fell below the lower statistical band of $4.5 billion, which was indicative of persistently weak liquidity and muted investor participation. Such low trading volumes typically accompany periods of consolidation, where markets struggle to build enough momentum for a decisive breakout.