Coinbase Report: The cryptocurrency market typically faces a seasonal downturn in August

ChainCatcher news, according to The Block, Coinbase analysts David Duong and David Han stated in a report that August is typically characterized by reduced activity in the cryptocurrency market and a sharp decline in the prices of major tokens.

For example: The Bitcoin spot trading volume in August 2023 decreased by 19% compared to June of the same year. The Bitcoin futures trading volume on global CEX also dropped by 30% during the same period.