Bitcoin's Fragile Rebound
Bitcoin's July rebound has been a welcome sight after months of decline. The asset is up 9.3% in July, its first monthly gain since April.
However, despite this price recovery, on-chain data suggests that market activity remains weak. According to Glassnode, Bitcoin spot volume has fallen to its lowest level since 2019 when measured in coins.
The decline in trading volume is not limited to a single exchange. Binance handled just over $35 billion in July, down from $246 billion in November 2024, while Bybit's volume declined by 85% and OKX by 67% over the same period.
Analyst Darkfost notes that 'a return of Bitcoin to a bullish trend seems conditional on a shift in the macro regime, and above all a return of demand, the only real driver capable of pushing volumes back up.'