Bitcoin’s July Average Daily Spot Trading Volume Could Mark the Lowest Since November 2023: K33

Bitcoin trading activity remained subdued in July, with average daily spot trading volume falling to approximately $2.2 billion, potentially marking the market’s weakest monthly average since November 2023, according to a report from K33 Research.

Notably, the slowdown in trading coincided with muted price action. Bitcoin declined about 3% over the past week, continuing to trade within a relatively narrow range of $60,000 to $66,000 as investors showed limited conviction.

Meanwhile, derivatives market activity also reflected the lack of momentum. CME Bitcoin futures open interest remained near multi-year lows, while open interest in perpetual Bitcoin futures held at roughly 300,000 BTC, indicating restrained participation across leveraged trading markets.

The combination of softer spot volumes, subdued futures activity, and range-bound prices indicates that market participants largely stayed on the sidelines in July, with institutional and derivatives markets showing few signs of renewed momentum.

Source: K33 Research