Updated Aug 12, 2026
/Slovenia joins EU MiCA stablecoin register, Dinaro becomes country's first listed issuer/Bitcoin perp trading hits three-year low as market idles ahead of U.S. CPI/Rep. Brian Mast introduces Freedom Haulers bill to fast-track veterans into trucking, tighten CDL enforcement/Treasury yields hold at 4.682% as investors await key inflation data/Flanagan defeats Craig in Minnesota Senate primary as progressive bloc hands Schumer a second loss/OpenAI and AWS expand deal to bring Daybreak cyber models to Amazon Bedrock/Slovenia joins EU MiCA stablecoin register, Dinaro becomes country's first listed issuer/Bitcoin perp trading hits three-year low as market idles ahead of U.S. CPI/Rep. Brian Mast introduces Freedom Haulers bill to fast-track veterans into trucking, tighten CDL enforcement/Treasury yields hold at 4.682% as investors await key inflation data/Flanagan defeats Craig in Minnesota Senate primary as progressive bloc hands Schumer a second loss/OpenAI and AWS expand deal to bring Daybreak cyber models to Amazon Bedrock
NewsSOS
← NewswireCrypto

Bitcoin perp trading hits three-year low as market idles ahead of U.S. CPI

NEW YORK, Aug. 12. Bitcoin ($BTC) perpetual futures trading has dropped to a three-year low, research firm K33 reported, as participants step back ahead of Wednesday's U.S. consumer price index release. K33 described the current state of the market as "hibernation."

By Yuki Tanaka2 min read$BTC
Share

Key takeaways

  • Bitcoin perpetual futures trading has fallen to a three-year low, which research firm K33 described as market "hibernation."
  • Open interest, the value of outstanding contracts, has stayed elevated even as trading volumes dropped, a gap K33 identified as the key risk.
  • K33 warned that high open interest in a low-activity market is exposed to sharper, liquidation-driven price moves that can cascade before the market finds a floor.
  • Traders are holding rather than opening new positions ahead of Wednesday's U.S. consumer price index (CPI) release.
  • K33 did not disclose a specific open interest figure.

NEW YORK, Aug. 12. Bitcoin ($BTC) perpetual futures trading has dropped to a three-year low, research firm K33 reported, as participants step back ahead of Wednesday's U.S. consumer price index release. K33 described the current state of the market as "hibernation."

Activity falls, open interest stays elevated

Perp contracts track bitcoin's spot price with no expiration date. A trough at a three-year low in that trading signals a broad retreat from new position-taking, K33's note showed.

Open interest, the aggregate value of contracts still outstanding, has not declined alongside trading volumes. K33 said that gap is the problem. A large pool of open positions in a low-activity environment is exposed to sharper, liquidation-driven moves if the market shifts direction. Forced liquidations in thin conditions can amplify an initial price move as the closures cascade before the market finds a floor. The firm did not disclose a specific open interest figure.

Traders holding for Wednesday's print

K33 named Wednesday's U.S. consumer price index as the event participants are waiting on before committing new positions. The CPI is a monthly measure of consumer inflation in the United States. K33 said the perp market's low-activity state reflects traders choosing to hold rather than trade ahead of the data.

Elevated open interest is the specific risk K33 flagged heading into that release. The firm said the market is exposed to sharper, liquidation-driven moves while participants wait.

Related reading

Keep reading

All bulletins →
CryptoAugust 12, 2026

Slovenia joins EU MiCA stablecoin register, Dinaro becomes country's first listed issuer

LJUBLJANA, Aug. 12. Slovenia entered the European Union's Markets in Crypto-Assets stablecoin register through Dinaro, an electronic money institution that became the country's first listed stablecoin issuer under MiCA. The same registry…

2 min read
CryptoAugust 12, 2026

Bitcoin new-address count jumps to 330,000 as Coldcard exploit triggers wallet migrations

NEW YORK, Aug. 12. On-chain data shows new Bitcoin addresses rose from 260,000 to 330,000, snapping a decline that had persisted for most of the year. A security exploit linked to Coldcard, a Bi

2 min read
CryptoAugust 11, 2026

ARP Digital receives Dubai VARA broker-dealer license

DUBAI, Aug. 12. ARP Digital has obtained a broker-dealer license from Dubai's Virtual Assets Regulatory Authority, clearing it to offer regulated conversions of digital assets and stablecoins in

2 min read

Frequently asked

Why has bitcoin perp trading dropped to a three-year low?

K33 said participants are stepping back and choosing to hold rather than trade ahead of Wednesday's U.S. consumer price index release, leaving the market in what it called "hibernation."

What are bitcoin perpetual futures?

They are contracts that track bitcoin's spot price with no expiration date.

Why is elevated open interest considered a risk?

A large pool of open positions in a low-activity market is exposed to sharper, liquidation-driven moves, as forced liquidations in thin conditions can cascade and amplify an initial price move before the market finds a floor.

What event are traders waiting on?

They are waiting on Wednesday's U.S. consumer price index, a monthly measure of consumer inflation in the United States, before committing new positions.