Bitcoin rebounded from a $63,000 low to approach $70,000, signaling short-term bullish momentum. However, market-wide spot and futures trading volumes have fallen to 2024 lows, indicating a cautious and structurally weak environment as investors reduce risk exposure.
Bitcoin (BTC) recovered from a slip to $63,000, touching a high of $69,988 before retracing slightly. At the time of writing, BTC traded at $68,409, up over 5% on the day and flipping its short-term moving averages to signal near-term upside momentum.
Analyst Darkfost noted that Bitcoin’s spot volume has fallen to 2024 lows, driven by low market liquidity. February 2026 is on track to close as the month with the lowest BTC trading volume since 2024 as participants remain on the sidelines.
Spot trading volume declined significantly across major exchanges. On Binance, volume dropped from $198 billion to $75 billion, while Gate.io fell from $53 billion to $25 billion and Bybit slid from $41 billion to $20 billion.
Institutional appetite has also waned, impacting related products. Data from Checkonchain showed spot Bitcoin ETF trade volume dropped from $14.07 billion to $4.4 billion, a decline of $9.6 billion. Total ETFs net inflows fell by $7 billion to $54 billion.
Aggregate futures volume followed the same trend, falling from $123 billion to $65 billion, a $58 billion decline. This tandem drop in both spot and derivatives activity points to a reduced risk appetite among investors.
Despite the broader weakness, short-term technical indicators for BTC have turned positive. The Stochastic RSI made a bullish crossover, climbing to 75 and reflecting strengthening upside momentum. If recent demand holds, BTC could target a flip of the $70,000 level.
