News Heat Trend
Project Overview
Glassnode provides onchain and financial metrics, charts, data, and insights for Bitcoin and digital assets.
Analysis: Bitcoin Spot Trading Volume Hits Lowest Since October 2023, Low Liquidity May Amplify Market Volatility
data shows the daily spot trading volume of Bitcoin has fallen to below $8 billion, the lowest level since October 2023, when the BTC price was still below $40,000. Glassnode points out that since the peak of over $25 billion in early February this year, trading volume has continued to decline. A low-volume environment typically implies reduced market depth, making it more sensitive to capital flow changes.Market depth is usually measured by the cumulative bids and asks within a 2% range of the current price. When depth contracts, a few large orders can significantly drive price movements, meaning market volatility may be amplified. However, the options market does not currently fully reflect this risk. The Volmex BVIV index shows that Bitcoin's 30-day implied volatility has fallen below 42% annualized, hitting a three-month low, indicating that traders are generally betting on continued market stability.Analysis suggests that with market sentiment cautious ahead of the Federal Reserve's interest rate decision, Bitcoin is currently hovering around $77,800, lacking a clear direction. If the Fed signals a hawkish stance, particularly expressing concerns over rising energy prices and inflation risks, it could prolong the pause in rate cuts or even strengthen expectations of a rate hike, thereby suppressing risk asset performance. (CoinDesk)
Glassnode: Hyperliquid whale long positions continue to increase, indicating strong bullish sentiment
Glassnode tweeted that whales on Hyperliquid have been anticipating a price breakout from this range. Over the past two months, their confidence—and long positions—have continued to increase, indicating strong bullish sentiment among large perpetual contract traders.
Analysis: Bitcoin Approaches Key $80,000 Level, Institutional Funds and Whale Buying Provide Support, but Breakthrough Still Awaits Confirmation
Bitcoin is once again approaching the $80,000 mark. Market analysis suggests that this level has become a key resistance point to test the strength of the current rebound. On the capital front, continued institutional inflows are providing support. Data shows that Bitcoin spot ETFs have recorded net inflows for six consecutive days, while Ethereum spot ETFs have also seen inflows for nine straight days, indicating a recovery in risk appetite. Meanwhile, whale addresses holding over 1,000 BTC have cumulatively added approximately 270,000 BTC over the past 30 days, marking the largest monthly increase since 2013, and exchange reserves have fallen to their lowest point in seven years.In terms of on-chain data, Glassnode points out that Bitcoin has reclaimed the "Realized Price" (approximately $78,100). However, the cost basis for short-term holders sits around $80,100, forming a direct pressure zone. Should the price reach this range, over 54% of short-term investors would be in profit, a scenario historically associated with the peak of a rebound phase. At the same time, the perpetual contract funding rate remains negative, indicating a significant short position. Given the ongoing improvement in spot demand, this could provide short-squeeze momentum for a subsequent upward move.In summary, while the capital structure and market resilience have improved, the $80,000 level remains a key watershed. The market has yet to confirm whether it can transition from a resistance level to a support level. (The Block)
Analysis: This BTC rebound is driven by “liquidity” rather than a fundamental strengthening of the trend.
According to The Block, Bitcoin rose approximately 6% this week, briefly reaching $76,300—the highest level in nearly two months—yet the Crypto Fear & Greed Index remains at 21 (“Extreme Fear”). Multiple institutional analysts characterize this rally as “liquidity-driven” rather than a structural strengthening. Glassnode notes that while spot demand and ETF inflows have improved, the recovery lacks depth, institutional participation remains cautious, and options market positioning continues to favor downside protection. Bitfinex attributes this price increase primarily to concentrated buying by “Strategists” (who purchased 13,927 BTC last week), rather than an organic rebound in demand. Analysts broadly view $75,000 as a critical support level; if structural buying wanes and this level fails to hold, prices could retreat to the $70,000–$71,000 range. On the macro front, the Federal Reserve’s policy trajectory and the June FOMC meeting are seen as the next key risk catalysts.
Related news
Analysis: Bitcoin Spot Trading Volume Hits Lowest Since October 2023, Low Liquidity May Amplify Market Volatility
data shows the daily spot trading volume of Bitcoin has fallen to below $8 billion, the lowest level since October 2023, when the BTC price was still below $40,000. Glassnode points out that since the peak of over $25 billion in early February this year, trading volume has continued to decline. A low-volume environment typically implies reduced market depth, making it more sensitive to capital flow changes.Market depth is usually measured by the cumulative bids and asks within a 2% range of the current price. When depth contracts, a few large orders can significantly drive price movements, meaning market volatility may be amplified. However, the options market does not currently fully reflect this risk. The Volmex BVIV index shows that Bitcoin's 30-day implied volatility has fallen below 42% annualized, hitting a three-month low, indicating that traders are generally betting on continued market stability.Analysis suggests that with market sentiment cautious ahead of the Federal Reserve's interest rate decision, Bitcoin is currently hovering around $77,800, lacking a clear direction. If the Fed signals a hawkish stance, particularly expressing concerns over rising energy prices and inflation risks, it could prolong the pause in rate cuts or even strengthen expectations of a rate hike, thereby suppressing risk asset performance. (CoinDesk)
Glassnode: BTC Spot Trading Volume Falls to Lowest Since October 2023
According to on-chain data platform Glassnode (@glassnode), spot Bitcoin trading volume across major exchanges has fallen to its lowest level since October 2023—comparable to the levels observed in September 2023, when the previous bear market ended. Under low-volume conditions, market depth has notably declined, meaning even minor capital flows can trigger liquidations, significantly increasing market sensitivity to liquidity shifts.
Glassnode: Bitcoin Shows Bullish Signal as Vector Framework Momentum Indicator Rises to 1
Glassnode states that Bitcoin is currently exhibiting a bullish signal, with its Vector framework having triggered a clear signal. Specifically, the momentum indicator is considered bullish when above 0.5 and bearish when below -0.5; its current value stands at 1. Meanwhile, the risk index has fully reset to 0. Glassnode notes that, as shown by the blue shaded area on the chart, historically, this signal has corresponded with significant price rallies and has served as a reference for avoiding downside risk during market downturns.
Glassnode: Hyperliquid whale long positions continue to increase, indicating strong bullish sentiment
Glassnode tweeted that whales on Hyperliquid have been anticipating a price breakout from this range. Over the past two months, their confidence—and long positions—have continued to increase, indicating strong bullish sentiment among large perpetual contract traders.
Analysis: Bitcoin Approaches Key $80,000 Level, Institutional Funds and Whale Buying Provide Support, but Breakthrough Still Awaits Confirmation
Bitcoin is once again approaching the $80,000 mark. Market analysis suggests that this level has become a key resistance point to test the strength of the current rebound. On the capital front, continued institutional inflows are providing support. Data shows that Bitcoin spot ETFs have recorded net inflows for six consecutive days, while Ethereum spot ETFs have also seen inflows for nine straight days, indicating a recovery in risk appetite. Meanwhile, whale addresses holding over 1,000 BTC have cumulatively added approximately 270,000 BTC over the past 30 days, marking the largest monthly increase since 2013, and exchange reserves have fallen to their lowest point in seven years.In terms of on-chain data, Glassnode points out that Bitcoin has reclaimed the "Realized Price" (approximately $78,100). However, the cost basis for short-term holders sits around $80,100, forming a direct pressure zone. Should the price reach this range, over 54% of short-term investors would be in profit, a scenario historically associated with the peak of a rebound phase. At the same time, the perpetual contract funding rate remains negative, indicating a significant short position. Given the ongoing improvement in spot demand, this could provide short-squeeze momentum for a subsequent upward move.In summary, while the capital structure and market resilience have improved, the $80,000 level remains a key watershed. The market has yet to confirm whether it can transition from a resistance level to a support level. (The Block)
Analysis: This BTC rebound is driven by “liquidity” rather than a fundamental strengthening of the trend.
According to The Block, Bitcoin rose approximately 6% this week, briefly reaching $76,300—the highest level in nearly two months—yet the Crypto Fear & Greed Index remains at 21 (“Extreme Fear”). Multiple institutional analysts characterize this rally as “liquidity-driven” rather than a structural strengthening. Glassnode notes that while spot demand and ETF inflows have improved, the recovery lacks depth, institutional participation remains cautious, and options market positioning continues to favor downside protection. Bitfinex attributes this price increase primarily to concentrated buying by “Strategists” (who purchased 13,927 BTC last week), rather than an organic rebound in demand. Analysts broadly view $75,000 as a critical support level; if structural buying wanes and this level fails to hold, prices could retreat to the $70,000–$71,000 range. On the macro front, the Federal Reserve’s policy trajectory and the June FOMC meeting are seen as the next key risk catalysts.