Bitcoin spot volume set to hit lowest level since late 2023
Macro & Markets ·
K33 Research says July trading activity across spot, futures, and options has stayed subdued, with average daily spot volume near $2.2 billion.
K33 Research reported that Bitcoin's average daily spot trading volume in July came in at about $2.2 billion, a level that could mark the lowest monthly average since November 2023, according to wublockchain.xyz. The figure reflects a broader slowdown in market activity that has extended beyond spot markets into derivatives.
Over the past week, BTC fell roughly 3% and stayed confined to a range between $60k and $66k, a band that has persisted through much of the reporting period. The narrow trading range coincides with weak volume, a combination that typically signals reduced conviction among market participants rather than a directional consensus.
Derivatives data reinforce the picture of muted engagement. CME Bitcoin futures open interest has remained near multi-year lows, while open interest in perpetual futures stood at roughly 300k BTC. Both metrics point to lighter positioning across major venues, consistent with the drop-off in spot turnover.
The same cluster of reporting describes July tracking as Bitcoin's weakest spot trading month since late 2023, with subdued activity spanning spot, futures, and options markets alike. That the slowdown appears across multiple market segments, rather than being isolated to spot trading, suggests the pullback in activity is broad rather than confined to one corner of the market.
What remains unclear is whether the July figures will hold once the month closes, and what has driven the drop in engagement across both spot and derivatives venues. It is also not yet established whether the range-bound price action and low volume will resolve into a directional move or persist into subsequent months.