The direct takeaway is that liquidity conditions improved at the stablecoin-supply level, but leverage demand looked weaker because perpetual contract volume kept slowing. BTC also faced reported company-level selling, while ETH had a separate accumulation signal from Bitmine. Traders using Backpack should treat this as a watchlist and risk-control setup, not as a signal to chase BTC or ETH direction.
| Primary source | BlockBeats |
|---|---|
| Reported at | 2026-07-13T15:49:57.000Z |
| Topic | BTC |
| Evidence limit | Reported facts are separated from interpretation; current prices and platform terms require independent verification. |
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Review BACKPACKWhat Changed Last Week
The July 6 to July 12 weekly report showed stablecoin supply increasing by about $121 million after a prior negative trend. That matters because stablecoin supply is often watched as a broad liquidity input, but the report does not prove that this liquidity moved directly into BTC or ETH buying.
DEX spot trading volume also recovered slightly. At the same time, perpetual contract trading volume continued to slow. This split matters for execution: spot activity showed some improvement, while leveraged trading activity did not confirm the same level of momentum.
BTC Read
For BTC, the report highlighted company-level selling rather than new accumulation. Seven companies reduced a combined 909.3 BTC, valued at about $56.96 million in the report. Strategy, meanwhile, went one week without adding or reducing BTC.
That does not create a complete BTC market forecast. It does show that some corporate holders were net sellers during the week covered by the report, while one closely watched holder stayed inactive. A BTC trader should separate that evidence from price prediction and use it as one risk input.
ETH Read
For ETH, the clearest supplied signal was Bitmine continuing to add 27,801 ETH, worth about $49.12 million in the report. This is an accumulation data point, but it is still only one reported entity-level action.
The report does not say that ETH demand was broad-based, nor does it provide exchange-wide inflow, staking, or price-performance data. The useful interpretation is narrower: ETH had a notable buyer in the report, while the overall derivatives activity backdrop remained slower.
How To Use This On Backpack
On Backpack, the practical approach is to turn the report into a pre-trade checklist. Before trading BTC or ETH, check whether spot conditions, perpetual liquidity, funding behavior, and your own position size point in the same direction. If they do not, reduce the trade thesis to what the evidence actually supports.
If you open a Backpack account through the referral link, use code 7nfg8123 at BACKPACK official destination. Treat that as account-access context only. It does not change market risk, improve trade outcomes, or make the reported BTC and ETH signals stronger.
Evidence Limits
This guide uses only the supplied BlockBeats summary of Lookonchain's July 6 to July 12 on-chain weekly report. The source material gives stablecoin supply change, DEX spot direction, perpetual volume direction, reported company BTC reductions, Strategy inactivity, and Bitmine ETH accumulation.
The source material does not provide price charts, exchange order books, funding rates, liquidation data, full wallet methodology, or forward-looking forecasts. Any trading decision should therefore treat this as a dated market snapshot, not a complete investment case.
Risk Disclosure
BTC and ETH can move sharply even when on-chain liquidity appears to improve. A slowdown in perpetual volume can reflect lower leverage appetite, weaker speculative demand, changing market structure, or temporary participation changes. The supplied report does not identify the cause.
This article is informational content, not financial advice. Do not use a single weekly report as the only reason to buy, sell, or leverage BTC or ETH. Check live market data, account risk, fees, liquidity, and downside scenarios before placing any trade.
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Review BACKPACKAffiliate link · Availability varies by region · No guaranteed outcomeQuestions readers ask
What was the main BTC and ETH signal in the weekly report?
The main signal was mixed. Stablecoin supply returned to growth and DEX spot volume improved slightly, but perpetual contract volume continued to slow. BTC also had reported company-level reductions, while ETH had reported Bitmine accumulation.
Did the report say BTC should rise or fall?
No. The supplied report did not make a BTC price prediction. It reported that seven companies reduced 909.3 BTC and that Strategy did not add or reduce BTC during the week.
What did the report say about ETH?
The supplied report said Bitmine continued to add 27,801 ETH, valued at about $49.12 million. It did not prove broader ETH market demand or provide an ETH price forecast.
Why does slower perpetual volume matter?
Perpetual volume is a useful gauge of leveraged trading activity. If it keeps slowing while spot volume only recovers slightly, traders should be careful about assuming strong speculative momentum.
How should a Backpack user act on this report?
A Backpack user can use the report as a checklist input: compare stablecoin liquidity, spot activity, perpetual activity, and position risk before trading BTC or ETH. The report alone is not enough to justify a leveraged trade.