Bitcoin Perpetual Trading Hits Three-Year Low Ahead of U.S. CPI

Bitcoin perpetual futures are among the crypto market’s most widely used leveraged products, making trading activity a closely watched gauge of short-term risk appetite. K33 said traders were holding back ahead of the Aug. 12 release of U.S. consumer price data, which could reshape expectations for Federal Reserve policy and influence valuations across bitcoin and other risk assets.

K33’s latest report showed bitcoin perpetual trading activity falling to its lowest level in three years before the CPI release, leaving the market in what the research firm described as “hibernation.” Open interest, however, remains elevated, indicating that leveraged positions have not been unwound to the same degree. A sizeable surprise in the inflation figures could therefore trigger rapid liquidations and amplify price swings.