Bitcoin spot trading volume has fallen to its lowest level since Glassnode began tracking the data in 2019, highlighting weak market participation as BTC trades between the median realized price of $63,000 and the average short-term holder cost basis of $68,700. Glassnode said signs of seller exhaustion are approaching levels seen near prior bear-market bottoms, but spot demand remains fragile because ETF net inflows are limited and Bitcoin continues to post net inflows to exchanges. With buying interest thin and leveraged positions crowded, the firm warned that a break below the June low of $58,500 could accelerate downside pressure.