Bitcoin is again in the lead: +10.1% in July — the cryptocurrency outperformed all assets on the Russian market
July 2026 became a landmark month for the first cryptocurrency. Bitcoin demonstrated an impressive growth of 10.1%, allowing it to take the top spot in the latest review of financial instruments prepared by the regulator. This result proved unattainable for all other assets presented in the analytical summary, highlighting the unique position of digital gold at the current stage of the market cycle.
The calculations used total ruble returns, which take into account not only changes in quotes but also dividend payments and coupon income. For instruments denominated in foreign currency, the ruble exchange rate against the respective currencies was additionally taken into account. Thus, the final figures reflect the real benefit for the Russian investor, making the comparison especially illustrative.
Record gap from competitors
The gap between bitcoin and the other ranking participants is particularly notable. The closest pursuer — the chemical industry sector — posted a result of 7.9%. In other words, the lag exceeded two percentage points, which is a significant divergence even for the volatile crypto market. For comparison, the U.S. S&P 500 Total Return index added only 2.6%, while the U.S. Treasury Bond Index was limited to just 1.7%.
Characteristically, the regulator places cryptocurrency in a separate block of reference foreign instruments, not mixing it with Russian assets. This approach makes it possible to clearly demonstrate the scale of BTC's returns against the backdrop of securities, deposits, and bonds familiar to the domestic investor.
Balance of power in the Russian market
Within the Russian segment, the picture looks as follows. The best result was shown by the chemical industry with a return of 7.9%. Next came transport (5.5%) and construction (4.9%), with the electric power sector closing out the top three at 4.0%. Retail trade brought 3.6%, while foreign currency deposits ranged between 2.6–3.1% depending on the currency: the yuan yielded 3.1%, the dollar 2.8%, and the euro 2.6%.
Corporate bonds and the IT sector occupied the middle of the table: "BBB"-rated securities returned 2.3%, IT 2.2%, OFZ 2.0%, and "A" and "AA" group bonds 1.7% and 1.4%, respectively. Banks and finance, as well as ruble-denominated money market exchange-traded funds, posted modest 1.7% and 1.2%, while the ruble deposit was limited to 1.1%. Gold returned 1.5%, and top-rated "AAA" securities and the oil and gas sector each brought 0.8%.
Three instruments ended in negative territory: subordinated bonds lost 0.9%, the Moscow Exchange index declined by 1.2%, and the month's outsider was the metals and mining sector with a drop of 6.1%. At the same time, over the past 12 months, gold, corporate bonds, and ruble money market instruments provided the best total returns, according to the regulator's estimates.
My view: Such dynamics once again confirm the thesis about bitcoin's diversification value. While traditional markets show moderate growth or stagnation, BTC continues to attract capital seeking excess returns. However, investors should remember that behind such figures lies high volatility, and the pursuit of record returns without proper risk management can result in serious losses during corrections.