Bitcoin Hibernation: Perpetual Trading Activity Sinks to Three-Year Low

Bitcoin's perpetual trading activity has hit its lowest level since 2023, according to K33 research. The 30-day average combined trading volume for BTC/USDT perpetuals on Binance and Bybit declined to $10.8 billion as of August 10.

This marks a significant drop in trading activity, with only 5% of days since January 2021 recording lower 30-day average volumes across the two products. The subdued trading comes despite relatively high perpetual open interest throughout the summer.

Traders are now awaiting the July U.S. Consumer Price Index report, scheduled for release on Wednesday. Elevated leverage in the market remains a concern, creating modestly heightened risks of amplified volatility and trading activity stemming from liquidations.