Bitcoin Spot Volume Hits 2019 Lows Amid Bear Market Compression

Bitcoin spot volume drops to lowest level since 2019 as price compresses between $63,000 and $68,700. Selling pressure weakens, but ETF inflows remain minimal, signaling absent demand.

Woofun AI data shows that Bitcoin is currently confined between the median realized price of approximately $63,000 and the short-term holder cost basis near $68,700. Spot trading volume has declined to its lowest point since 2019, reflecting a highly compressed market environment. Despite core inflation dropping to 2.5% in July and equity markets reaching new highs, Bitcoin failed to react positively and instead declined, indicating a distinct lack of demand.

Selling pressure appears to be diminishing, with the supply of profitable positions approaching previous bear market lows and seller fatigue indicators hitting cyclical bottoms. The adjusted SOPR has been rejected near the break-even line nine times.

However, buyers remain largely absent, evidenced by minimal net inflows into ETFs and continued outflows of coins to exchanges. Conversely, derivatives markets show significant long positioning, with open interest remaining high relative to trading volume and order book buying pressure thinning. Key support and resistance levels are identified at $58,500 and $68,700 respectively.