According to CoinMeta, data from K33 shows that as of August 10th, the 30-day average combined trading volume of the BTC / USDT perpetual contracts for Binance and Bybit dropped to $10.8 billion, which is the lowest level since 2023. The daily average spot trading volume of Bitcoin has also decreased by 18% to $1.8 billion over the past week, reaching the lowest weekly average since February 2024. Meanwhile, from June 1st to August 11th, the average open interest of Bitcoin perpetual contracts was around 300,000 BTC, which remains relatively high. K33, the head of research at __BJWKEEP_, stated that the coexistence of low trading activity and high open interest puts the market at risk of fluctuations driven by two-way liquidations.