Bitcoin Trading Volumes Hit Three-Year Lows on CPI Day

Bitcoin's trading volumes on major exchanges Binance and Bybit hit three-year lows on the day of July's Consumer Price Index (CPI) release, according to K33 Research. The CPI print came in at 3.4% year-over-year, matching consensus estimates, while core inflation eased to 2.5%. Despite this, Bitcoin barely reacted, holding steady around $64,100.

The muted response from traders suggests that the number was already priced into the market, and the in-line result did not trigger new bets or volatility. Instead, it confirmed existing positioning and reinforced trader caution ahead of macro data releases.

However, the low trading volumes belie a more nuanced picture. Open interest in Bitcoin perpetuals remains elevated, averaging around 300,000 BTC between June 1 and August 11. This setup creates elevated liquidation risk if a catalyst finally arrives, potentially amplifying resulting volatility.