Bitcoin spot trading volumes have hit their lowest level since Glassnode data began in 2019, while the price has been trading between $63,000 and $68,700 for nearly three months. In July, derivative volumes across 12 major platforms dropped to $3.03 trillion, down 11.1% monthly, with 9 out of 12 platforms recording declines, including Deribit (-44%) and HTX (-26%). ETF inflows remain modest while available buy orders have decreased by about one-third since early July. This market disengagement, described as capitulation through boredom, could make it harder to absorb selling pressure if the $58,500 support level breaks.
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