Key Takeaways

• Bitcoin’s institutional carry trade has become less attractive than US Treasuries, reducing incentives for leveraged crypto trading as the bond market increasingly prices in a future Fed rate hike.

• Crypto market activity has slowed sharply, with spot trading volume falling to its lowest level since 2019 and exchange flows signaling investor disinterest rather than active buying or selling.

• Glassnode says the next major move depends on key price levels and ETF demand: a reclaim of $69,000 and renewed ETF inflows could signal recovery, while a break below the $62,000–$68,000 range could…