Special Analysis | 28/6/2025
The current spot trading volume of Bitcoin is only $7.7 billion, according to Glassnode. This is much lower than what was seen during the bull markets of 2021-2022. This low activity indicates that retail investors have not yet returned to the market in large numbers.
On the other hand, long-term holders are still buying.
In fact, the illiquid supply - that is #البيتكوين held in wallets with little or no selling history - represents 75% of the total supply.
This limited available supply is one of the main reasons prices have not decreased.
At the same time, Bitcoin ETFs listed in the United States attracted more than $2.9 billion in net flows over the past 13 trading days.
The iShares Bitcoin Trust (NASDAQ:IBIT) is leading this trend.
However, since most of these flows come from institutional channels and over-the-counter (OTC), they do not directly affect the spot market. Nonetheless, strong demand for exchange-traded funds (ETFs) indicates continued long-term confidence.
The positive stance of the U.S. Securities and Exchange Commission (SEC) toward ETF applications related to other digital currencies - such as Solana, XRP, Litecoin, and Dogecoin - may signal further market expansion in the future.
We also conclude that a decrease in trading volume indicates long-term accumulation.
