Bitcoin Trading Volumes Plummet to Lowest Point Since 2023

Bitcoin trading volumes have reached their lowest point since 2023, according to broker K33. Over the past month, the average daily spot trading volume of Bitcoin on exchanges tracked by K33 fell to $2.2 billion, down from $5 billion at the beginning of the year.

The weakness is visible in both the spot market and the futures segment. Since February, the price of Bitcoin has mostly moved in the $60,000, $70,000 range, with a brief attempt to consolidate above $80,000 in May that did not continue.

The Chicago Mercantile Exchange (CME) also shows low activity, with open interest fluctuating between 95,000 and 102,000 BTC over the past week. Analysts have called this month for Bitcoin a 'Sleepy July', with activity falling in almost all directions and volatility remaining below 1.7%.

The decline in trading volumes is attributed to several factors, including the closure of several crypto exchanges due to persistently low trading volumes and declining revenues.