The rise of Bitcoin is backed by weak liquidity, with spot trading volume dropping to a one-year low

According to CoinDesk citing Glassnode data, the spot trading volume of Bitcoin and altcoins has fallen to its lowest level since November 2023, despite the continuous price increase, indicating weak market participation and fragile demand.

Since the $19 billion liquidation event in October 2025, market depth has not fully recovered, and liquidity remains fragile, making prices more susceptible to small trades driving or reversing movements.