Bitcoin (BTC) reached $94,026 on Monday, marking its highest level since December 11.
The rally came as risk assets gained following U.S. military action in Venezuela that resulted in the capture of President Nicolás Maduro.
U.S. stocks advanced approximately 1% while gold surged above $4,400 per ounce.
However, cryptocurrency spot trading volumes have collapsed to their lowest levels since late 2023 according to onchain analytics platform Glassnode.
What Happened
Bitcoin climbed through key technical levels during Monday's trading session.
The cryptocurrency passed its 50-day exponential moving average and the 2025 yearly open at $93,500 on Bitstamp.
President Donald Trump announced Saturday that U.S. forces had captured Venezuelan President Nicolás Maduro in a military operation.
Trump stated the U.S. would temporarily "run" Venezuela until a stable transition occurs.
The geopolitical development triggered buying across risk assets including stocks, commodities and cryptocurrency.
Gold jumped 2.5% while U.S. equity indexes gained 1%.
Traders characterized the move as a continuation of early-year positioning rather than fundamental demand.
Read also: CME Group Cryptocurrency Trading Volume Surges 139% to Record $12B in 2025
Why It Matters
The price strength occurred against deteriorating market depth.
Glassnode warned that weakening demand contrasts sharply with upside price moves, highlighting thin liquidity conditions.
Trading volume has fallen to levels not seen since late 2023.
Low mempool activity and minimal transaction fees signal reduced network engagement.
Analysts including Willy Woo expressed concern about order-book liquidity supporting current price levels.
The disconnect between rising prices and falling volume suggests vulnerability to sharp reversals if selling pressure emerges.
Market participants view Venezuela developments as a volatility catalyst rather than a fundamental driver for sustained cryptocurrency demand.
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