Bitcoin rally masks fragile liquidity as spot volumes hit year-long lows

Bitcoin and the wider crypto market has started to wake up recently, but underlying liquidity conditions appear strikingly weak, according to onchain analytics firm Glassnode — a dynamic that echoes concerns raised in a CoinDesk analysis in November on hollow crypto market liquidity following the October crash. Glassnode’s latest data shows that both bitcoin spot trading volume and aggregate altcoin spot volume have sunk to their lowest readings since November 2023, even as prices have climbed — a diverg ...