Bitcoin Gains 9% in July, but On-Chain Data Signals Weak Conviction
Bitcoin (BTC) is on track to post its first monthly gain since April, but the rally has unfolded alongside weakening market activity.
The cryptocurrency is up 9.3% in July, while spot trading volume has dropped toward multi-year lows. Institutional demand has also cooled, highlighting a disconnect between price performance and market participation.
Bitcoin Spot Volume Sinks to Its Weakest Month in Nearly 3 Years
According to Coinglass, Bitcoin fell 20.4% in June, marking its worst monthly performance since June 2022. That followed a more modest 3.5% decline in May.
July has broken that losing streak. Bitcoin opened the month near $58,000 on July 1, which also marked its monthly low. The asset has broadly trended higher since then and remains in positive territory despite its recent pullback.
At the time of writing on Thursday, Bitcoin was trading near $64,058, up 0.58% over the past 24 hours.
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However, trading activity has failed to keep pace with the price recovery. K33 Research put average daily Bitcoin spot trading volume at roughly $2.2 billion in July. The firm added that July 2026 is on track to record the lowest average daily BTC spot trading volume since November 2023.
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