Bitcoin Monitor: Trading Volumes Lag Price Rebound
Bitcoin has gained more than 20% from its early February low, climbing above its 50-day moving average and testing the $78,000 level. But a look at investment flows reveals that while the price is slowly recovering, many investors who exited during the roughly eight-month decline remain on the sidelines.
Money is flowing back into bitcoin exchange-traded products (ETPs), and the 30-day moving average of daily ETP net flows (inflows minus outflows) shows volumes are currently trending higher, according to data from Glassnode. That's a reversal from the nearly uninterrupted net selling that took place from early November through February as bitcoin's price fell to $66,000 from about $104,000.
The current volume of net inflows is just above average—the 53rd percentile—when compared to all days since January 2024. The chart below shows that net inflow peaks have trended lower since the first spot ETPs started trading in January 2024.
Data source: Glassnode
For illustrative purposes only.
The behavior of long-term bitcoin holders (those with positions older than 155 days) can also be constructive because they're less likely to react to short-term market moves. Looking at the 30-day moving average of daily flows, this cohort sold consistently from mid-November to mid-March, when they became net buyers on above-average volume (78th percentile compared to all days since January 2024). But volumes have fallen recently and are at less than half the level seen in May and June 2025.
Data source: Glassnode
For illustrative purposes only.
Trading volume in the overall spot market is low, indicating tepid interest among average investors. The 30-day moving average of daily net flows sits near the lowest level since at least January 2024. The spot market saw a surge of buying in late 2024 and early 2025, following Donald Trump's election win. When an all-time high was reached in October 2025, though, volume was about 42% lower than that, which accompanied the cryptocurrency's January 2025 price peak.
Data source: Glassnode
For illustrative purposes only.
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