On-chain analytics firm Glassnode has highlighted how Bitcoin Spot Volume spiked during the price drop but has since cooled down.
Bitcoin spot volume skyrocketed during the sell-off
In his last weekly magazine reportGlassnode talked about the latest trend in Bitcoin Spot Volume. This on-chain indicator measures the total amount of BTC involved in trading activities on the various spot exchanges.
When the value of this metric increases, it means that a larger portion of the cryptocurrency is involved in spot trading. Such a trend could be a sign that interest in the asset is increasing.
On the other hand, the indicator witnessing a decline indicates that investors’ attention may be shifting away from the cryptocurrency as spot trading activities are reduced.
Here is the chart shared by Glassnode showing how the 7-day moving average (MA) value of Bitcoin Spot Volume has changed in recent years:
The value of the metric seems to have shot up in recent days | Source: Glassnode's The Week Onchain - Week 6, 2026
As shown in the chart above, the 7-day MA Bitcoin Spot Volume observed a notable spike alongside the price crash towards the $60,000 level. This could indicate that investors executed a large number of trades during the volatile move.
But what exactly did this activity correspond to? The report said this did not reflect a broad wave of new condemnation purchases. Instead, the increase in spot volume was due to panic among traders reacting to the price drop.
This is supported by the trajectory followed by the indicator. The chart shows that while the initial increase in spot volume was sharp, it cooled off quickly. The trend would imply that while the move attracted investor attention, it did not translate into sustained demand. “The lack of follow-through indicates that absorption remains superficial relative to the magnitude of the selling pressure,” Glassnode said.
In the past, price movements have generally only been sustainable for Bitcoin if they were supported by spot trading activity. With the recent surge in spot volume likely just a sign of short-term repositioning and liquidation moves, the market has yet to see a wave of sustained volume. “For now, spot flows reflect engagement during stress, rather than a decisive shift toward constructive demand,” the analytics firm explains.
In the same report, Glassnode also discussed what Bitcoin currently looks like from the perspective of the UTXO Realized Price Distribution (URPD), an indicator that tracks the amount of cryptocurrency last purchased at the various levels visited by it in the past.
The latest URPD data of BTC | Source: Glassnode's The Week Onchain - Week 6, 2026
As visible in the chart, Bitcoin has recently found support within a thick supply area between $60,000 and $72,000. This band on the URPD has emerged due to investor accumulation in the first half of 2024. According to Glassnode, the fact that the price has stabilized here could indicate that “previous buyers in this range are actively defending their positions.”
BTC price
Bitcoin is on its way back down as the price has fallen to the $65,900 mark.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image of Dall-E, chart from TradingView.com
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