Bitcoin Spot Volume Hits Record Low as Glassnode Flags Selloff Risk Below $58,500

Bitcoin could face sharper losses below its June low of roughly $58,500 as limited market liquidity and elevated leverage leave the cryptocurrency vulnerable to a selloff, Glassnode said. 

The warning comes as spot exchange activity has weakened substantially. Trading volume has reached its lowest level in Glassnode’s dataset, which dates back to early 2019, while exchanges continue to record net BTC inflows and spot ETF inflows remain modest. 

On-chain pricing levels currently place Bitcoin between a Median Realized Price of $63,000 and a Short-Term Holder Cost Basis of $68,700. 

Measures used by Glassnode to assess seller exhaustion are also moving toward readings associated with earlier bear-market bottoms. The firm cautioned, however, that weak spot demand and thin bids could magnify downside moves if the $58,500 level fails. 

As of this writing, Bitcoin is trading at $63,819, down 49.4% from its all-time high of $126,080 recorded on October 6, 2025.

Source: glassnode