Bitcoin Rally Stalls: Glassnode Flags Thin Liquidity and Weak Demand

• Spot trading volume has fallen by about 21.5%, from $5.2 billion to $4.1 billion.
• Weekly spot ETF net flow rose by a gigantic 1108.89%, recording inflows of $161 million.
• Daily active addresses fell by 7.6%, signaling weaker user and transaction demand.

Glassnode’s Bitcoin Market Pulse report from July 13 states that spot buying hasn’t returned in force despite Bitcoin recovering toward $64,000. Spot trading volume has fallen by about 21.5% (from $5.2 billion to $4.1 billion), and the spot cumulative volume delta (CVD) has gone negative, from $17.2 million to -$58.8 million. This points to a rally with thin liquidity rather than a wave of strong, widespread buying.

Glassnode reports that perpetual CVD also dropped by a big margin, decreasing to $83.9 million all the way from $457.5 million. The metric remains within normal statistical bands, but the fast drop in ne…

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