K33 says July Bitcoin spot volume is weakest since November 2023

Bitcoin spot trading activity remained weak into late July, with seven-day average volumes falling to multi-month lows across major centralized exchanges, reinforcing the view that the market's softness is broad-based rather than confined to a single venue. Binance's Bitcoin spot volume dropped to about $1.16 billion on July 29, its lowest level since October 2025, while combined volume across more than 16 other centralized exchanges fell to $3.7 billion, the weakest reading since July 2024. That left Binance accounting for roughly 31% of the volume recorded by the other tracked venues and nearly 24% of total observed activity. The latest data adds to K33 Research's earlier view that July is on pace to be Bitcoin's weakest spot-trading month since November 2023, with average daily spot volume around $2.2 billion. The soft trading backdrop has coincided with cautious positioning in derivatives and muted institutional flows: CME-traded Bitcoin futures open interest has hovered near multi-year lows, perpetual futures open interest has flattened around 300,000 BTC, and U.S. spot-Bitcoin ETFs took in about $205 million in net inflows from July 1 through July 29, a pace that would mark the smallest monthly net inflow on record after outflows in May and June. The latest lull also overlapped with the Federal Reserve's decision to keep its target rate at 3.50%-3.75% in a 9-3 vote, with three members favoring a 25-basis-point increase. Because the exchange data is based on a seven-day average, the slump cannot be tied solely to the Fed meeting, but the lack of a recovery around one of the month's key macro events suggests traders remain cautious amid uncertainty over liquidity conditions for risk assets.