Bitcoin showed a return of 10.1% in July and outpaced all assets on the Russian market.
July 2026 became a landmark month for the first cryptocurrency. According to my calculations, based on data from the latest financial markets review published by the Bank of Russia, bitcoin demonstrated a total ruble return of 10.1%. This result not only made BTC the leader among foreign instruments but also allowed it to surpass all assets presented in the regulator's report without exception.
Notably, the Central Bank takes into account not only price changes but also dividends, coupons, and, for currency instruments, the ruble exchange rate. This makes the comparison as fair as possible for the Russian investor. And it is precisely under such conditions that bitcoin showed its strength.
Cryptocurrency vs. the Classics
The gap between BTC and its closest competitor turned out to be impressive. Chemical production, which became the best among Russian sectors, brought investors 7.9% — that is 2.2 percentage points less than bitcoin. Transport (5.5%), construction (4.9%), and electric power (4.0%) lagged even further behind.
Against this backdrop, traditional safe-haven assets look especially lackluster. The U.S. S&P 500 TR index rose only 2.6%, while the U.S. Treasury Bond Index showed a modest 1.7%. Gold, often called a refuge from instability, delivered just 1.5%.
Currency deposits also failed to compete with the cryptocurrency. A deposit in yuan brought 3.1%, in dollars — 2.8%, and in euros — 2.6%. A ruble deposit was limited to just 1.1%.
Losers of the Month
Three instruments ended July in the red. Substituted bonds lost 0.9%, the Moscow Exchange index fell by 1.2%, and the worst result was shown by the metals and mining sector with a decline of 6.1%. At the same time, as the regulator notes, over the past 12 months, gold, corporate bonds, and ruble money market instruments still provide the highest total return.
My comment: Such dynamics are yet another confirmation that bitcoin is increasingly perceived as an independent asset class capable of generating alpha even under tight monetary policy conditions. However, one should not forget about volatility: if regulators continue tightening, the correction could be just as swift as the growth.