Bitcoin Spot Trading Volume Hits 3-Year Low

Bitcoin's spot trading volume has hit its lowest level since 2019, according to data from Glassnode. The firm also reported that exchange deposit and withdrawal activity remains subdued, while inflows into spot Bitcoin exchange-traded funds have stayed weak.

Glassnode attributed the trend to institutional investors' preference for cash and U.S. government bonds over digital assets.

This shift has led to a decline in Bitcoin's three-month futures yield, which has remained below the yield on the two-year U.S. Treasury since February.