Glassnode analysts noted a "summer lull" in the cryptocurrency market

Key indicators of activity in the cryptocurrency market indicate the arrival of a "summer lull," experts from Glassnode wrote.

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

"The price of Bitcoin is approaching $110,000, but volumes are decreasing: spot - $5.02 billion, futures - $31.2 billion. Both figures are at a year low and continue to decline," researchers explained.

According to them, the decline in trading volumes is a sign of weakening 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

Researchers also calculated the total unrealized profit — $1.2 trillion.

"This indicates a noticeable increase in the value of assets held by Bitcoin holders, but also signals the risk of sales in the event of a change in market sentiment," Glassnode warned.

MVRV found support

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

MVRV Dynamics. Data: CryptoQuant.

"Historically, as long as MVRV stays above SMA365, the upward trend remains. Without complicated models — sometimes following the trend really works: MVRV > SMA365 → trend is strong," explained the expert.

Recall that on-chain activity has declined to levels seen in October 2023, and the Bitcoin mempool is nearly empty.