Bitcoin Spot Volume Heads for Weakest Month Since 2023, K33 Says

Spot bitcoin turnover is a key gauge of liquidity and investor participation, while open interest, futures basis and funding rates show demand for leverage. K33 Research says both sides of the market have cooled during the 2026 summer lull, an important signal that trading appetite remains limited even as bitcoin holds in a narrow range. Thin liquidity can also amplify price moves when large orders hit the market.

In a report published July 28, K33 Head of Research Vetle Lunde said July’s average daily spot volume was $2.2 billion, putting the month on course for its weakest reading since November 2023. The seven-day average fell 4% to $2.1 billion, while bitcoin dropped 3% over the week to $63,300. CME open interest stood at 100,025 BTC before the July expiry; total futures and perpetual open interest declined 2.1% to $32.1 billion.