Bitcoin (CRYPTO: BTC) spot trading volume is on track for its weakest month since November 2023 as markets brace for a Fed decision with a one-in-three chance of a rate hike.
July Has Been Bitcoin’s Quietest Month Since November 2023
K33 Head of Research Vetle Lunde said in a Tuesday report that average daily spot volume across tracked exchanges reached just $2.2 billion in July, with the seven-day average at $2.1 billion, down 4% from the prior week.
Derivatives markets were equally quiet, according to The Block.
CME bitcoin open interest stayed near 2023 lows, and funding rates stayed between 5% and 7% all week — a setup portraying no conviction in either direction.
