K33 data shows that the average daily spot trading volume of Bitcoin in July 2026 was approximately $2.2 billion, the lowest level since November 2023. The continued weak trading volume indicates that the market is not only in the summer off-season, but trading intentions are also slowing down. Pressure on the revenue sides of spot trading, futures trading, and trading platforms is simultaneously emerging.
Spot transactions continued to contract.
According to CoinDesk Data Exchange Review, the total spot trading volume on major centralized exchanges fell to $1.05 trillion in April 2026, a 25-month low, and has not recovered significantly since. Wu Blockchain, citing data from the South Korean market, reported that trading volume on the top five cryptocurrency exchanges in South Korea once plummeted by 88%, and the global market as a whole was also relatively quiet.
Over the past week, Bitcoin prices have fallen by about 3%, hovering around $63,300, with the main trading range between $60,000 and $66,000. Narrowing price fluctuations typically reduce short-term trading demand, and decreased trading volume further weakens volatility, resulting in a market characterized by low volatility and low trading volume.
- The average daily spot trading volume in July was approximately US$2.2 billion.
- In April, the spot trading volume on centralized exchanges was approximately $1.05 trillion.
- Bitcoin's recent main trading range has been between $60,000 and $66,000.
The derivatives market is showing weak activity.
Beyond the spot market, the derivatives market has also shown no significant recovery. Open interest in CME Bitcoin futures is near multi-year lows, which typically reflects declining institutional investor participation in regulated futures products.
Open interest in perpetual contracts remained around 300,000 BTC, indicating no concentrated liquidation in the market, but new speculative demand was also weak. The article argues that this is more of a wait-and-see approach than the start of a new round of expansion.
Trading platform revenue under pressure
Sluggish trading volume has begun to impact platform operations. The report mentions that BitMEX plans to cease operations in September 2026. BitMart requires users to close their positions within 30 days and complete withdrawals within 6 months. AscendEX has also signaled an orderly exit, citing reasons including a difficult market environment and insufficient revenue.
According to CoinDesk statistics, at least four crypto companies announced their closure or operational failure in a single week, including Movement Labs and Storj Labs, which filed for bankruptcy protection. Many industry insiders believe that declining retail trading activity, coupled with rising compliance costs, is accelerating the exit of smaller platforms, while larger platforms with stronger compliance capabilities are more likely to survive.
The wait-and-see sentiment stems from both the macro and corporate perspectives.
Besides factors within the crypto market itself, the wait-and-see attitude ahead of the Federal Reserve policy meeting is also suppressing position expansion. Market opinions remain divided on the interest rate path, leading traders to prefer awaiting new policy signals.
Corporate investors are also cautious. Strategy recently increased its dollar reserves by $525 million, bringing the total to $3.75 billion, and has not increased its Bitcoin holdings for the fifth consecutive week. The article interprets this move as indicating that, within the current price range, companies are prioritizing cash buffers and financial flexibility over continued aggressive accumulation.
