$BTC

Is 1 million far away?
On July 23, Bitcoin held above $66,000. Its July opening price was about $58,562, with a monthly gain of about 11.4%. On July 1, it had fallen to $57,815, then gradually recovered, reaching a weekly high of around $67,000 on July 21.

The price is back, but the market is quiet. Bitcoin’s 30-day trading volume is only 62.4% of the annual average. Spot daily average turnover is about $5.1 billion, 29% lower than the average since 2019. One-week realized volatility has fallen to a 30-day average of 28.3, down about 31% from the June 25 peak of 41.6—back to around the 8th percentile since 2016. This low-volatility, low-turnover condition, K33 analyst calls “Bitcoin’s typical summer slowdown.”

On-chain data is also quiet. Active addresses are about 720k, the lowest since April 2020. But the 7-day moving average of new addresses surpassed 317k on July 5, up 20% from the start of last week—someone is slowly coming back.

The network itself remains solid. On July 12, mining difficulty was lowered by 5% to 127.17T, and the network’s average hashrate over the past seven days is 866.28 EH/s. Hashrate has declined from the September 2025 peak of 1,441 EH/s, but it’s still at historically high levels. Miners have not panicked into sell-offs—Puell multiple is about 0.84, well above historical lows.

ETF funds are flowing back. On July 16, spot Bitcoin ETFs saw net inflows of $79.15 million. From July 14 to 17, there were four straight days of net inflows totaling $502 million. Cumulative net inflows into spot Bitcoin ETFs have already exceeded $51.8 billion.

The largest corporate holder Strategy (formerly MicroStrategy) holds 843,775 BTC, about 4.2% of total supply. It hasn’t added to its position over the past month, and its cash reserves have risen to about $3 billion.

$66,000. 866 EH/s. 720k active addresses. $51.8 billion in ETF inflows. The numbers are speaking, but the voice isn’t loud.
Is a million far away?