The research team at Coinbase, David Duong and David Han, noted in their latest weekly report that August is often recognized as the off-season for the cryptocurrency market. Compared to previous years, participation and trading volume in the market are generally lower in this month. Specifically, compared to June 2023, the spot Bitcoin trading volume decreased by 19% in the same month of 2023, while the Bitcoin futures trading volume on global centralized exchanges dropped significantly by 30%. Moreover, analysts emphasized that, over the past five years, the average decline in Bitcoin in August was about 2.8%, indicating that a reduction in liquidity and trading volume may further exacerbate market volatility. Nonetheless, the report mentioned that it is expected that the cryptocurrency market in August 2023 will exhibit similar performance to the historical low.