---
title: On the Blotter: Record trading volume brought shifting trends in July
description: July updates from Octaura
image: https://news.octaura.com/hubfs/On%20the%20Blotter.png
---

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## On the Blotter: Record trading volume brought shifting trends in July

 Aug 4, 2025

Octaura saw $6.39bn of inquiry in July, up 16% MoM, hitting a record high in monthly trading volume. What stood out? The middle of the month brought the most activity, along with two notable shifts:  

**Clients engaged out-of-comp on a greater % of their trades.** In June, just 15% of trades were direct to a single dealer. By the end of July, that number jumped to 23%, hitting a high of 35% the week of July 21. 

**The bid/offer mix changed dramatically.** In June, 67% of traded volume represented clients buying. Buying accelerated to 91% of trade volume the week of July 7 but then reversed dramatically to clients buying just 33% and 22% of the time the following two weeks.   

![Combined Image - July](https://news.octaura.com/hs-fs/hubfs/Combined%20Image%20-%20July.png?width=810&height=906&name=Combined%20Image%20-%20July.png)

*Source: Octaura, June 2, 2025 - July 31, 2025*

These trends are interesting when considered against the broader market backdrop. New issuance spiked this month to one of the busiest on record and prices rallied back to levels we haven’t seen since January1. That dynamic lead to an uptick in specific use cases like: 

-- CLO liquidations (both in-comp and direct)   
-- Out-flow driven sell programs   
-- Opportunistic buying agendas

As prices come off their highs in the final days of the month and CLO liabilities continue to tighten, will these trends reverse again? We’re here to help you capture the data you need to track the market the way you want to.   

 

 

*Source: Pitchbook, [US Leveraged Loan Repricing Run Sets Record as Supply Remains Tight](https://pitchbook.com/news/articles/us-leveraged-loan-repricing-run-sets-record-as-supply-remains-tight)*

*All market prices, data and other information (including that which may be derived from third party sources believed to be reliable) are not warranted as to completeness or accuracy and are subject to change without notice. Octaura disclaims any responsibility for any loss or damage arising from any reliance on or the use of this material in any way. The information contained herein is as of the date and time referenced only, and Octaura does not undertake any obligation to update such information. This marketing material is provided by Octaura for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument. All investments involve risk, and past performance is not indicative of future results. *

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