Bitcoin experienced its quietest month since November 2023 in July, with average daily spot trading volume around $2.2 to $2.3 billion, representing only 62% of the annual average, according to K33 Research. Open interest on CME futures contracts fell to its lowest level in three years. Bitcoin ETF outflows also moderated, with only a third of trading days showing net outflows compared to nearly 90% in June. The U.S. Federal Reserve is expected to announce its rate decision on Wednesday evening, but the correlation between Bitcoin and the Nasdaq has reached multi-year lows, suggesting the crypto market could react far less violently than in the past to the announcement. Several offshore platforms have already shut down this summer due to declining volumes.
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