Bitcoin trading volumes hit three-year low amid stable inflation data

Bitcoin trading volumes for perpetual contracts on major exchanges like Binance and Bybit have reached their lowest levels in approximately three years. K33 Research described the current market state as being in “hibernation,” noting that the 30-day average combined volume for BTC/USDT perpetuals has declined to $10.8 billion.

This period of low activity coincided with the release of July’s Consumer Price Index (CPI) data in the United States. The headline CPI matched consensus at 3.4% year-over-year, while core inflation eased to 2.5%. Despite the economic data, Bitcoin's price remained relatively stable, hovering around the $64,000 mark.

Market analysts suggest that because the inflation data landed exactly as economists predicted, it did not trigger significant new trading activity or force a change in Federal Reserve policy expectations. The lack of volatility indicates that traders had already priced in the results, leading to a period of consolidation rather than a major market move.