Bitcoin Trading Activity Hits Slowest Pace Since Late 2023, K33 Reports

Bitcoin is heading toward its weakest month for spot trading volume since November 2023, as prices remain stuck in a narrow range with muted activity across both spot and derivatives markets.

Prices Consolidate as Volume Slows

Bitcoin fell 3% over the past week to trade around $63,200, though it briefly moved above $64,000 midweek. K33 said average daily spot trading volume across tracked exchanges reached $2.2 billion for July, with the seven day average slipping to $2.1 billion, marking a 4% weekly decline.

Derivatives Markets Also Show Weakness

Activity in derivatives markets has similarly cooled, with CME bitcoin open interest hovering near its lowest levels since 2023, ranging between 95,000 and 102,000 BTC. Perpetual futures open interest held steady around 300,000 BTC, while total futures and perpetual open interest stood at $32.1 billion, down slightly over the week. Options data showed a brief dip in bullish positioning before partially recovering following bitcoin’s pullback.

BitMEX Shutdown Marks End of an Era

K33 also pointed to the planned closure of BitMEX after 11 years in operation, once a dominant force in offshore bitcoin derivatives trading. The exchange’s market share has fallen dramatically since regulatory action in 2020, dropping from around 40% to under 1% by 2026. Its closure follows similar shutdown announcements from other exchanges, reflecting weak trading volumes and shrinking revenues across parts of the industry, all ahead of the Federal Reserve’s upcoming rate decision.