Bitcoin perpetual trading activity has fallen to its lowest level since 2023 following months of rangebound price action, leaving the market unusually quiet ahead of key U.S. inflation data on Wednesday.
The 30-day average combined trading volume for BTC/USDT perpetuals on Binance and Bybit declined to $10.8 billion as of Aug. 10, according to research and brokerage firm K33. Only 5% of days since January 2021 have recorded lower 30-day average volumes across the two products, concentrated in late 2022 and 2023, Head of Research Vetle Lunde said in a new report.
30-day average trading volume for BTC/USDT perps on Binance and Bybit. Image: K33.
Spot activity has also dried up. Average daily bitcoin spot volume fell 18% over the past week to $1.8 billion, per K33's data, marking the lowest one-week average since February 2024.
Bitcoin's seven-day volatility mirrors this, dropping to 0.6% on Sunday to print the lowest reading since Christmas 2025. "Low trading activity invites a pale and slow market, while a slow and pale market gives traders little incentive to participate, creating a self-reinforcing circle of hibernation," Lunde said.
