‘Sleepy July': K33 says bitcoin spot volume on track for weakest month since late 2023

K33 says bitcoin is heading for its weakest spot-trading month since late 2023 as July’s market activity remains unusually subdued. BTC fell about 3% over the past week to near $63,300, with average daily spot volume at $2.2 billion and the seven-day average down 4% week over week. Derivatives activity is also quiet: CME bitcoin open interest is hovering around 100,000 BTC, perpetual futures open interest is near 300,000 BTC, and total futures/perp open interest has slipped to $32.1 billion. Funding rates stayed mostly in the 5%–7% range, while options skew weakened before rebounding after the pullback. The broader market backdrop includes the winddown of BitMEX, which K33 says reflects shrinking volumes and revenue across crypto derivatives venues. Markets are also positioned for the Fed’s upcoming decision, adding a macro catalyst that could break the current consolidation.