Bitcoin perpetual trading sinks to 2023 lows ahead of U.S. inflation data
TL;DR
- Trading volumes: Perpetual and spot activity for Bitcoin have dropped to multi‑year lows, signaling a quiet market.
- Leverage risks: Elevated open interest suggests higher leverage, leaving conditions exposed to liquidation‑driven volatility.
- CPI focus: Traders await Wednesday’s inflation data as Bitcoin continues a six‑month consolidation between $60,000 and $80,000.
The market has entered an unusually quiet stretch as Bitcoin perpetual trading activity slides to levels not seen since 2023. Months of tight, uneventful price action have drained momentum across major venues, leaving traders cautious ahead of Wednesday’s U.S. inflation release, a data point that could influence expectations for the Federal Reserve’s next move.
Trading activity hits multi‑year lows
K33 Research reports that the 30‑day average combined volume for BTC/USDT perpetuals on Binance and Bybit has fallen to $10.8 billion as of Aug. 10. Only a small fraction of days since early 2021 have seen lower readings, mostly during late 2022 and 2023. Spot participation has weakened as well, with average daily Bitcoin spot volume dropping 18% over the past week to $1.8 billion, marking its lowest one‑week level since February 2024.
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