PANews reported on January 6th that, according to CoinDesk citing Glassnode data, spot trading volume for Bitcoin and altcoins has fallen to its lowest level since November 2023, despite continued price increases, indicating weak market participation and fragile demand. Since the $19 billion liquidation event in October 2025, market depth has not fully recovered, and liquidity remains fragile, making prices more susceptible to being driven or reversed by small transactions.