Bitcoin led the July performance ranking: 10.1% versus the entire Russian market
As of the end of July 2026, bitcoin demonstrated impressive momentum, delivering investors a return of 10.1% in ruble terms. This result allowed the flagship cryptocurrency to take the top spot in the ranking among all instruments included in the latest financial markets review published by the Central Bank of Russia. The gap with its closest competitor was more than significant—over two percentage points.
Calculation methodology: why the numbers matter
The regulator presented data on total ruble returns, which account not only for price changes but also for dividend payments and coupon income. For instruments denominated in foreign currencies, the dynamics of the ruble exchange rate against the respective currency were additionally factored in. Thus, the final figures reflect the real outcome for a Russian investor, making the comparison particularly telling.
Bitcoin's position in the Central Bank's review
In the reference section dedicated to foreign instruments, bitcoin was highlighted as a separate line—and it was precisely this asset that posted the best result of the month. For comparison: the U.S. stock index S&P 500 TR gained only 2.6%, while the U.S. Treasury Bond Index was limited to a rise of just 1.7%. Both benchmarks notably lagged behind the cryptocurrency, underscoring its unique position in the global context.
Notably, the gap between BTC and the other assets on the list turned out to be quite substantial. The closest result among all instruments—7.9%—was posted by the chemical manufacturing segment. The lag behind the leader exceeded two percentage points, indicating the high volatility and growth potential of the first cryptocurrency under current market conditions.
What was happening in the Russian market
Within the Russian segment, the chemical industry showed the best momentum with a return of 7.9%. It was followed by transportation (5.5%) and construction (4.9%), while electric power closed out the top group with a result of 4.0%. Among other instruments, currency deposits stood out: yuan deposits yielded 3.1%, U.S. dollar deposits—2.8%, and euro deposits—2.6%. According to the regulator's assessment, it was foreign-currency deposits along with shares of select industries that became the most profitable instruments on the Russian market for the month.
The middle block of the table was occupied by corporate bonds of various rating groups and the IT sector. "BBB"-rated securities returned 2.3%, the IT sector—2.2%, OFZs—2.0%, and bonds of the "A" and "AA" groups—1.7% and 1.4%, respectively. Banks and finance returned 1.7%, ruble-denominated money market exchange-traded funds—1.2%, and ruble deposits—1.1%. Securities of the highest rating "AAA" and the oil and gas sector each accounted for 0.8%, while gold returned 1.5%.
Three instruments went into negative territory. Substitution bonds lost 0.9%, the Moscow Exchange index fell by 1.2%, and the worst result of the month was posted by the metals and mining segment with a minus of 6.1%. At the same time, as noted by the Central Bank, over the past 12 months, gold, corporate bonds, and ruble money market instruments delivered the highest total returns.
My take: such confident leadership by bitcoin in official statistics is a signal of the growing recognition of cryptocurrency as a full-fledged investment asset, even by conservative regulators. However, one should not forget that high returns come with high volatility, and it is important for investors to diversify risks rather than chase short-term records.