Bitcoin's market activity has entered an unprecedented quiet phase. The trading volume is at 350,000 transactions per day, 50% lower than the 2024 peaks.
Trading Volume Collapse
As of June 20, 2025, the 7-day moving average of Bitcoin transactions has dropped to 350,000. This marks a 50% decline from mid-2024 peaks and is the lowest level in 19 months. Trading volumes on exchanges are only $800 million per day, falling below typical weekend levels.
Supply-Demand Imbalance
On-chain data reveals that exchange Bitcoin reserves have hit a three-year low, down 30% from three years ago. Additionally, USDT holdings on exchanges have surpassed $45 billion, indicating accumulation trends by both retail and institutional investors.
Miner Capitulation and Whales Accumulation
The global hash rate now exceeds 1 ZH/s, yet miner sales have dropped from 15,000 BTC daily to under 1,000. In light of rising electricity costs and shrinking profits, miners are opting for a 'power-saving mode'. At the same time, whales are accumulating 2,761 BTC daily through ETF channels, while retail wallets show significant declines.
Given the current state of the market, the silent accumulation by institutional investors versus the capitulation of retail players may indicate upcoming shifts in market dynamics.
