PANews reported on August 2 that according to The Block, Coinbase analysts David Duong and David Han said in their weekly report on Friday that August is usually a month that is not conducive to seasonal factors in the cryptocurrency market. Historically, market activity in August has been sluggish. For example, compared with June 2023, Bitcoin spot trading volume in August of the same year fell by 19%. Bitcoin futures trading volume on global centralized exchanges also fell by 30% during the same period. They added: "Over the past five years, Bitcoin has fallen an average of 2.8% in August, and reduced liquidity and trading volume may lead to increased volatility in August." Coinbase analysts said we may see the same sluggish market performance this year.
Jag Kooner, head of derivatives at Bitfinex, said in an interview that many assets may lack liquidity in August, and seasonal factors in August may be one of the reasons. Kooner added: “We are currently seeing several altcoins establishing significant buying barriers in the lower range, and we also expect Bitcoin’s price to fluctuate between $61,000 and $70,000, which will form an accumulation range. "
