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Bitcoin Gains 9% in July, but On-Chain Data Signals Weak Conviction

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.

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Yes, most public blockchains (like Bitcoin and Ethereum) are transparent. Transactions can be traced back to public keys and wallet addresses, meaning that while they are pseudonymous (names are not directly tied to addresses), they are not completely anonymous.

TRADEMINATI X is an automated real-time cryptocurrency news aggregator. It fetches and analyzes RSS feeds, organizing publications by coin hashtags to make tracking specific assets efficient.
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