VanEck dropped its July Bitcoin ChainCheck report on July 20, and Bitcoin closed at roughly $63,700, essentially flat month-over-month. The asset is sitting 33% below its six-month peak and 14% under its 200-day moving average.
Authored by Matthew Sigel and Patrick Bush, the report covers the derivatives market, the mining sector, and institutional flows.
The numbers behind the flatline
Bitcoin’s 30-day moving average landed at approximately $62,694, reflecting a 12.1% decline month-over-month on that metric. Realized volatility clocked in at 30.4% annualized.
The put/call implied volatility skew came in at +11.4 percentage points, meaning options traders are paying a meaningful premium to protect against downside relative to positioning for upside. The annualized perpetual funding rate sat at +4.5%, a figure VanEck flagged as signaling below-average expected returns in the near term.
