On-Chain Data: TradFi Speculation in Bitcoin Is Receding

Glassnode analysts say on-chain signals point to fading speculative demand for bitcoin (BTC) across traditional finance (TradFi) channels. In a post on X, the firm noted that key routes for TradFi Bitcoin exposure are flashing a similar message: trading activity in treasury vehicles and exchange-traded funds (ETFs) is thinning out. One data point Glassnode highlighted is the 30-day simple moving average (SMA) of U.S. spot Bitcoin ETF trading volume. That figure has fallen from about $4.4 billion per day in October 2025 to roughly $0.96 billion per day now, a decline of 78%. CryptoPotato previously reported that last week ranked as the second-worst week for Bitcoin ETFs since launch. As BTC slid to a 19-month low, the products saw net outflows of $1.72 billion. The last comparable bout of withdrawals occurred in February 2025. Glassnode also said the 30-day SMA of aggregate trading volume across Bitcoin treasury companies has dropped from $34.2 billion per day in December 2025 to $17.4 billion per day currently, down 49%. The pullback in Digital Asset Treasury (DAT) equity turnover is notable because trading interest in these stocks tends to track bitcoin's price. Glassnode said that, taken together, weaker ETF activity and shrinking DAT volumes suggest speculative appetite for BTC in traditional markets has largely withdrawn. Spot demand is also cooling, according to the report. Glassnode pointed to signs that investors are selling into strength rather than adding exposure, marking a shift from an accumulation phase to a distribution regime. That transition has coincided with Bitcoin activity falling to about half its peak. At the time of writing, BTC was trading near $62,500, about 22% below the $80,900 level seen a month ago. The asset dipped below $60,000 last weekend amid sustained selling pressure, reinforcing the view that spot demand is in contraction. With institutional interest softening and spot demand retreating, the next downside level for BTC remains uncertain as bears maintain control. The post Speculative Interest in BTC Fades Across Traditional Markets, Onchain Data Shows appeared first on CryptoPotato.