Is the market entering a summer lull? Bitcoin may enter a consolidation phase.

On July 29, a certain institution released today's market analysis stating that investors may be witnessing early signs of "summer fatigue," as volume begins to stabilize. Although the current market activity remains at a relatively high level, the lack of clear catalysts in August may lead to a significant slowdown in the market—especially against the backdrop of retail investors typically reducing participation due to holidays.

The three major volume spikes in the past 18 months have each driven strong market rallies, but they occurred infrequently. This further emphasizes the importance for investors to closely monitor market signals.

Historically, a decline in volume often indicates that Bitcoin is entering a consolidation phase, and as August approaches, it may currently be entering a similar stage.