Why is BTC trading volume depleted?

Glassnode data shows that Bitcoin spot and futures trading volumes have plummeted to $5.02 billion and $31.2 billion respectively, hitting the lowest levels in over a year.

The largest quantities were detected at the end of 2024 and the first quarter of 2025, followed by a sharp decline starting in April.

Despite the rising BTC price, this divergence indicates that the upward momentum is slowing. This may be attributed to recent market tensions and concerns about a reversal after breaking the $100,000 mark.

However, the decrease in trading activity may be seasonal, or it could reflect insufficient market confidence or profit-taking. When trading volume decreases while prices rise, the likelihood of a correction increases.

For a bull market, the sustainability of rising prices requires stronger trading volumes to confirm the likelihood of a sustained uptrend.