According to Santiment data, among the top 7 Bitcoin ETFs (GBTC, IBIT, FBTC, ARKB, BTCO, BITB, HODL), volume did shrink in early July. Trader hesitation is usually a sign of capitulation, and if you are bullish on cryptocurrencies, you should be happy about it. Expect a jump in volume tomorrow to make up for the National Day holiday in the US stock market.