Bitcoin outpaced the entire Russian market: +10.1% in July and absolute leadership
July 2026 was a triumphant month for the first cryptocurrency. Bitcoin demonstrated a return of 10.1%, confidently outperforming all instruments included in the latest review by the Bank of Russia. The gap with its closest competitor exceeded two percentage points, highlighting the unique dynamics of the digital asset against the backdrop of traditional markets.
The regulator included BTC in the reference block of foreign instruments in its July review, calculating the full ruble-denominated return. The methodology takes into account not only price changes but also dividends and coupons, and for currency assets—the ruble exchange rate against the respective currency. Thus, the final figures reflect the real result for a Russian investor, making the comparison especially illustrative.
Bitcoin—Absolute Champion of the Month
The flagship cryptocurrency took the top spot in the ranking with a result of 10.1%. For contrast: the U.S. stock index S&P 500 TR gained only 2.6%, while the U.S. Treasury Bond Index was limited to just 1.7%. Even in the Russian segment, where chemical production showed the best result among local industries (7.9%), the lag behind BTC exceeded two percentage points.
Of particular note is the fact that the Central Bank places cryptocurrency outside the scope of national assets, using it as a reference benchmark. This approach clearly demonstrates the scale of BTC's returns against the backdrop of securities and deposits familiar to investors, emphasizing its role as an independent asset class.
Balance of Power in the Russian Market
In the local segment, the top three looked as follows: chemical industry (+7.9%), transport (+5.5%), and construction (+4.9%). The electric power sector closed out the upper group with a result of 4.0%. Next came retail (3.6%) and currency deposits: yuan deposits brought 3.1%, dollar deposits—2.8%, and euro deposits—2.6%. According to the regulator's assessment, it was foreign currency deposits along with shares of certain industries that became the most profitable instruments of the month among national ones.
The middle block of the table was occupied by corporate bonds and the IT sector. Securities rated "BBB" yielded 2.3%, IT—2.2%, OFZ—2.0%, and bonds of groups "A" and "AA"—1.7% and 1.4%, respectively. Banks and finance brought 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 received 0.8%, while gold yielded 1.5%.
The outsiders of the month were three instruments. Substitution 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 minus of 6.1%. At the same time, over the past 12 months, according to the Central Bank, the highest total return was brought by gold, corporate bonds, and ruble money market instruments.
My view: Such statistics once again confirm that Bitcoin is consolidating its status as a high-yield but volatile asset capable of outpacing traditional markets during a growth phase. However, investors should not forget that behind such returns lies increased risk, and BTC should be included in a portfolio taking into account one's own tolerance for drawdowns.