Glassnode Analysts Observe a ‘Summer Lull’ in the Cryptocurrency Market

Key indicators of activity in the cryptocurrency market suggest the onset of a ‘summer lull,’ according to Glassnode experts.

The summer lull is here. $BTC is nearing $110K, but volumes are drying up:

?Spot volume: $5.02B
?Futures volume: $31.2B

Both are at their lowest in over a year — and still trending down. pic.twitter.com/JpeMQUJqtx

— glassnode (@glassnode) July 7, 2025

“Bitcoin’s price is approaching $110,000, but volumes are declining: spot — $5.02 billion, futures — $31.2 billion. Both figures are at their lowest in a year and continue to fall,” the researchers explained.

In their view, the decline in trading volumes is a sign of waning investor interest and a slowdown in on-chain activity.

The momentum of exchange volume has declined since early June, with the monthly average falling to $5.9B, about 7% above the yearly average of $5.5B. This modest premium suggests weakening investor interest and slowing network activity despite price consolidation.… pic.twitter.com/8Py6kzLp4c

— glassnode (@glassnode) July 4, 2025

The researchers also calculated the total unrealized profit to be $1.2 trillion.

“This indicates a significant increase in asset value for Bitcoin holders, but also signals a risk of sales if market sentiment changes,” Glassnode warned.

MVRV Finds Support

CryptoQuant analyst Burak Kesmeci noted that 12 days ago the MVRV indicator bounced off the 365-day moving average (SMA365), once again confirming its value as a sustainable level of medium-term support.

“Historically, as long as MVRV stays above SMA365, the upward trend persists. Without complex models — sometimes following the trend really works: MVRV > SMA365 → trend is intact,” the expert explained.

Earlier, on-chain activity declined to October 2023 levels, and Bitcoin’s mempool is nearly empty.