BTC spot trading volume drops to 2019 levels while futures basis yield falls below two-year Treasury yields for only the second time.
Bitcoin spot trading volume has slumped to its lowest level since 2019, as subdued exchange flows and tepid spot ETF demand weigh on activity. The decline coincides with a rare inversion in the three-month futures basis yield, which has remained below the U.S. two-year Treasury yield since February.
The inversion marks only the second prolonged period of such pricing on record, signaling a shift by institutions toward cash and government bonds. BTC is currently trading within a key cost-basis range of $62,000 to $68,000, with $69,000 acting as critical resistance.
While the current drawdown is the shallowest in Bitcoin’s history, the duration has not been sufficient to confirm a market bottom. Analysts describe the environment as mildly risk-off, though no sharp market reaction has been observed.