Bitcoin trading volumes have dropped significantly: according to broker K33, the crypto market is going through one of its sluggish periods since 2023, with weakness visible in both the spot market and the futures segment.
Key figures clearly show how much the market has cooled:
- Over the past month, the average daily spot trading volume of bitcoin on exchanges tracked by K33 fell to $2.2 billion.
- At the beginning of the year, this figure was about $5 billion, more than twice as high.
- Since February, the price of bitcoin has mostly moved in the $60,000–$70,000 range.
- In May, the market tried to consolidate above $80,000, but that momentum did not continue.
- Since June, the range has narrowed even further — about $60,000–$65,000. As of July 29, Bitcoin was trading slightly above $64,000.
CME Futures Also Show Low Activity
A similar picture has formed in the futures market. On the Chicago Mercantile Exchange (CME), where institutional investors are traditionally active, open interest over the past week fluctuated between 95,000 and 102,000 BTC. These are levels the market already saw in 2023.
This week, July futures expire, and K33 suggests that open interest could hit new yearly lows. Analysts have called this month for bitcoin a “Sleepy July”: activity is falling in almost all directions, and the volatility of the main cryptocurrency remains below 1.7%.
Passivity still sets market conditions: activity is reduced almost everywhere, and the market looks as if it has literally fallen asleep.
Why Exchanges Are Losing Momentum
K33 also noted the closure of several crypto exchanges in 2026. Among them:
- BitMEX — formerly one of the largest players in perpetual futures trading.
- Bitmart — a lesser-known crypto exchange.
- AscendEX — another platform from this list.
The main reasons cited are persistently low trading volumes and declining revenues at these platforms.
For market participants, this is a signal of widespread caution. Even major platforms like Binance and Coinbase are viewed by investors in such an environment through the lens of overall liquidity, demand, and traders’ willingness to take risks. When volumes decline, any large bank transaction, capital inflow, or withdrawal from platforms can have a greater impact on market sentiment.
Cryptocurrency remains an asset class highly sensitive to news and expectations. The bitcoin blockchain continues to operate independently of current trader activity, but market capitalization and price dynamics depend most on several factors:
- Demand.
- Liquidity.
- Behavior of large holders.
Against this backdrop, investors also compare Bitcoin with other major assets, including Ethereum, while the US dollar remains the main reference point for most transactions.
Michael Saylor’s Strategy Takes a Pause
A separate factor is the behavior of Strategy, the largest corporate holder of bitcoin. Michael Saylor’s company has taken a wait-and-see approach and has not bought new BTC for the fifth week in a row. The capital raised was directed not to cryptocurrency, but to increasing cash reserves and buying back its own shares.
This is an important detail for the market: when one of the most prominent buyers pauses, traders have another reason to act more cautiously. Especially during a period when volatility is low and spot and futures volumes remain weak.
The main event of the week, according to K33, is the Federal Reserve’s decision on the interest rate, which is expected to be announced on the evening of July 29. After that, volatility in the bitcoin market may return.
Bitcoin, created by Satoshi Nakamoto, has repeatedly gone through periods of calm before a new surge in activity. But now the market looks extremely cautious: traders are waiting for a signal, liquidity is down, and bitcoin trading volumes remain near the lows of recent years.
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