Bitcoin Trading Activity Hits Lowest Level Since November 2023

Bitcoin's trading activity has fallen to its lowest level since November 2023, according to research firm K33. The company's head of research, Vetle Lunde, reported that average daily spot volume across exchanges tracked by K33 came in at $2.2 billion for July, with the seven-day average sitting at $2.1 billion, down 4% from the prior week.

This is a concerning trend, as derivatives markets are also reflecting the same quiet activity. CME Bitcoin open interest stayed near multi-year lows, ranging between 95,000 BTC and 102,000 BTC over the past week, while perpetual futures open interest held around 300,000 BTC for the month.

K33's report also covered the planned shutdown of BitMEX, which had previously held roughly 40% of offshore Bitcoin derivatives open interest. The exchange's market share dropped to 0.6% by the first half of 2026, and its rolling 365-day inverse perpetual volume exceeded $1 trillion at one point, generating around $500 million in annual revenue under a 0.05% fee assumption.