K33: Bitcoin perpetual contract trading volume falls to three-year low, market enters "hibernation" state
Source：
www.theblock.co
According to a K33 Research report, as of August 10, the 30-day average trading volume of BTC/USDT perpetual contracts on Binance and Bybit dropped to $10.8 billion, the lowest level since 2023, with only 5% of trading days recording lower volume. Meanwhile, Bitcoin spot daily average trading volume fell 18% from last week to $1.8 billion, and 7-day volatility also dropped to 0.6%, hitting the lowest value since Christmas 2025.
K33 Research Head Vetle Lunde pointed out that low trading activity and market slump form a self-reinforcing "hibernation cycle". It is worth noting that Bitcoin perpetual contract open interest remains at high levels, with an average of about 300,000 BTC between June and August, higher than the 2025-2026 average, posing a higher risk of liquidation-driven volatility.
The market is currently awaiting the release of US July CPI data on Wednesday. Economists expect CPI to rise 3.4% year-on-year and Core CPI to rise 2.5% year-on-year. CME FedWatch shows the probability of a 25 basis point rate hike in September is about 50%. Bitcoin has been oscillating in the $60,000 to $80,000 range for six consecutive months, down about 50% from the historical high in October 2025.
