The volume of spot Bitcoin trading has fallen to its lowest point in 2026 amidst a prolonged crypto market downturn. Simultaneously, MN Fund founder Michael van de Poppe believes the low activity is not a sign of further deterioration but a potential opportunity for asset accumulation.
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Why the Analyst Sees an Opportunity for Growth
Van de Poppe compared the current state of the crypto market to a “ghost town” but urged against interpreting the lack of activity as an unequivocally negative signal.
“The fact that the crypto market and Bitcoin currently resemble a ghost town is not bad. It’s a sign that markets are presenting an excellent opportunity for accumulation,” the analyst noted.
In his view, one of the key indicators is the proportion of Bitcoin supply that is in loss. This refers to coins whose current market value is lower than their purchase price.
Van de Poppe drew attention to the previous bear cycle. In 2022, Bitcoin dropped to approximately $16,000, and the volume of supply in loss reached a historical peak at that time. After forming this low, the cryptocurrency’s price surged by over 600%.
Recently, the metric for Bitcoin supply in loss has again renewed its historical maximum when the asset’s price was near $60,000. Van de Poppe suggests this could create favorable conditions for significant long-term growth.
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“The immense growth potential is sufficient reason to simply accumulate Bitcoin at current valuations and continue holding it,” he concluded.
What’s Happening with Bitcoin’s Price
Since the beginning of the year, Bitcoin has depreciated by over 26%. At the time of writing, the asset was trading around $64,600, with a daily trading volume of approximately $20.22 billion.
Despite the continuation of a large-scale bearish trend, technical analysis indicates the possible formation of a reversal pattern. An additional factor for the market could be the improvement of the regulatory environment for cryptocurrencies in several major jurisdictions.
The combination of low trading activity, a high proportion of loss-making supply, and potential technical reversal signals does not yet guarantee the start of a new bull cycle. However, van de Poppe considers the current levels attractive for long-term Bitcoin accumulation.
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Source: Finbold.