According to @glassnode, BTC and aggregate altcoin spot volumes have fallen to their lowest levels since Nov 2023 while prices moved higher, highlighting increasingly thin liquidity behind the recent price strength. Source: Glassnode on X, Jan 5, 2026, https://twitter.com/glassnode/status/2008181445899227508; Glassnode data, https://glassno.de/4sr4Qb2. This divergence indicates weakening demand relative to upside moves across the crypto market, with the rally occurring on reduced spot activity and thinner liquidity conditions. Source: Glassnode on X, Jan 5, 2026, https://twitter.com/glassnode/status/2008181445899227508; Glassnode data, https://glassno.de/4sr4Qb2.