Coinbase analysts David Duong and David Han said in Friday's weekly report that August is usually a month when the cryptocurrency market is not conducive to seasonal factors, and historically, market activity in August has been more subdued. For example, compared to 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. "Over the past five years, bitcoin has fallen by an average of 2.8% in August, and the decrease in liquidity and trading volume could lead to increased volatility in August," they added. Coinbase analysts said we could see similarly subdued market performance this year.