Report: Bitcoin continues to move sideways, resulting in declining trading volume

According to CryptoSlate, Bitcoin's volatility has seen an unprecedented decline in the past few weeks. Its consolidation trend began in early May and quickly developed into a narrow trading range between $9,000 and $10,000.

Since then, every breakout above or below this range has been short-lived. This volatility has caused many active market participants to choose to wait on the sidelines, resulting in a significant drop in trading volume. In a recent research report, Arcane Research provided a chart showing the decline in Bitcoin trading volume, while adding that the trend is "worrying."

The report noted: "This week, Bitcoin's 7-day average real trading volume continued to decline... While the overall trading volume of the crypto market looks more stable than Bitcoin trading volume, this steady downward trend is worrying..." According to data from the analysis platform Skew, the daily trading volume of Bitcoin on Coinbase has been very low over the past month, averaging US$74 million.