Bitcoin is entering a particularly unique phase. According to data from @glassnode, spot trading volume has now fallen to its lowest level since 2019. This doesn’t necessarily indicate a weakening market; rather, it reflects another reality: capital is standing on the sidelines. Buyers are waiting for clearer signals, while holders have little incentive to sell. This caution is also evident on the institutional side: as U.S. Treasury yields become more attractive than returns from Bitcoin futures strategies, it’s understandable that capital is temporarily favoring safer assets. Meanwhile, inflows into spot ETFs have yet to surge, and exchange activity remains subdued. What matters most now isn’t daily price volatility, but when real liquidity will return. In every Bitcoin cycle, sustainable trends typically emerge only when new capital begins flowing in forcefully. The market may currently lack momentum, but these very periods often lay the foundation for the next major move. What’s important isn’t trying to precisely predict when the market will break out, but identifying which way capital is shifting. #Bitcoin #BTC #Glassnode #Onchain #Crypto #MarketAnalysis