On-chain analytics company Glassnode highlighted how Bitcoin Spot Volume increased during the price drop, but has since cooled.
Bitcoin Spot Volume Shot Up During the Selloff
In its latest weekly report, Glassnode talked about the recent trend of Bitcoin Spot Volume. This on-chain indicator measures the total amount of BTC involved in trading activity on various exchanges.
If the value of this metric increases, it means that more cryptocurrency is involved in the existing exchange. Such a trend could be a sign that interest in the asset is rising.
On the other hand, a bearish indicator indicates that investor attention may be shifting away from cryptocurrency as less trading occurs.
Now, here’s a chart shared by Glassnode that shows how the 7-day moving average (MA) of Bitcoin Spot Volume has changed over the past few 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 graph above, the 7-day MA Bitcoin Spot Volume saw a significant increase alongside the price drop to the $60,000 level. This can suggest that investors make a large number of trades during volatile movements.
But what did this job really entail? According to the report, it did not show a broad wave of new purchases. Instead, the increase in Spot Volume was the result of traders panicking at the price drop.
This is supported by the trajectory followed by the index. From the chart, it is clear that although the initial spike in Spot volume was sharp, it quickly cooled. This trend can mean that although this move has attracted the attention of investors, it has not changed the ongoing demand. “The lack of follow-through indicates that absorption remains shallow compared to average selling pressure,” notes Glassnode.
In the past, price movements were usually stable in Bitcoin only if supported by trading activity in the area. With the recent surge in Spot volume signaling a temporary reversal and liquidation, the market is yet to see a wave of continued volume. “Currently, the flow of spots shows interaction during stress, not a shift to positive demand,” explains the analytics company.
In the same report, Glassnode also discussed how Bitcoin looks now from the point of view of the UTXO Realized Price Distribution (URPD), an indicator that tracks the price of the cryptocurrency last purchased at various levels visited by it in the past.
The latest URPD data of BTC | Source: Glassnode's The Week Onchain - Week 6, 2026
As seen in the chart, Bitcoin recently found support within the thick zone between $60,000 and $72,000. This band on the URPD was formed due to the accumulation of investors in the first half of 2024. According to Glassnode, the fact that the price is stable here may suggest that “previous buyers in this list are actively protecting their positions.”
BTC price
Bitcoin is once again on the downward trend as its price has dropped to the $65,900 mark.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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