On-chain analytics agency Glassnode has highlighted how the Bitcoin Spot Quantity spiked in the course of the worth drawdown, however it has since cooled off.
Bitcoin Spot Quantity Shot Up Throughout The Selloff
In its newest weekly report, Glassnode has talked concerning the newest pattern within the Bitcoin Spot Quantity. This on-chain indicator measures the entire quantity of BTC turning into concerned in buying and selling exercise on the varied spot exchanges.
When the worth of this metric rises, it means extra of the cryptocurrency is being concerned in spot buying and selling. Such a pattern generally is a signal that curiosity within the asset goes up.
However, the indicator witnessing a decline signifies investor consideration could also be shifting away from the cryptocurrency as much less spot buying and selling exercise is happening.
Now, right here is the chart shared by Glassnode that reveals how the 7-day shifting common (MA) worth of the Bitcoin Spot Quantity has modified over the previous few years:
The worth of the metric appears to have shot up in latest days | Supply: Glassnode's The Week Onchain - Week 6, 2026
As displayed within the above graph, the 7-day MA Bitcoin Spot Quantity noticed a notable spike alongside the worth crash towards the $60,000 stage. This is able to counsel that traders made a considerable amount of trades in the course of the risky transfer.
However what precisely did this exercise correspond to? In accordance with the report, it didn’t replicate a broad wave of contemporary conviction shopping for. As a substitute, the Spot Quantity improve was a results of merchants panic reacting to the worth drawdown.
That is backed by the trajectory adopted by the indicator. From the chart, it’s obvious that whereas the preliminary Spot Quantity improve was sharp, it was fast to chill down. The pattern would suggest that whereas the transfer drew consideration from traders, it didn’t translate into sustained demand. “The dearth of follow-through signifies that absorption stays shallow relative to the dimensions of promoting strain,” famous Glassnode.
Previously, worth strikes have typically solely been sustainable for Bitcoin when backed by spot buying and selling exercise. With the latest Spot Quantity improve possible solely an indication of short-term repositioning and liquidation churn, the market is but to see a wave of persistent quantity. “For now, spot flows replicate engagement throughout stress, not a decisive shift towards constructive demand,” defined the analytics agency.
In the identical report, Glassnode has additionally mentioned how Bitcoin is at present wanting from the angle of the UTXO Realized Value Distribution (URPD), an indicator monitoring the quantity of the cryptocurrency that was final bought on the varied ranges visited by it up to now.
The newest URPD information of BTC | Supply: Glassnode's The Week Onchain - Week 6, 2026
As is seen within the chart, Bitcoin has not too long ago discovered assist inside a thick provide zone between $60,000 and $72,000. This band on the URPD shaped on account of investor accumulation within the first half of 2024. In accordance with Glassnode, the truth that the worth has stabilized right here may counsel that “prior patrons on this vary are actively defending their positions.”
BTC Value
Bitcoin has been on the best way down once more as its worth has dropped to the $65,900 mark.
The pattern within the worth of the coin during the last 5 days | Supply: BTCUSDT on TradingView
Featured picture from Dall-E, chart from TradingView.com
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