Odaily News Bitfinex released an Alpha report, which pointed out that BTC is in a consolidation state before entering the third quarter of 2025. The price of Bitcoin continues to fluctuate in a clear range of $100,000 to $110,000. After an explosive rise of nearly 50% from the low of $74,634 in April, it is now showing signs of consolidation. The recent decline in price trends reflects the cooling of on-chain and derivative trading activities, with a decline in spot trading volume, weakened taker buying pressure, and a decrease in open interest, highlighting that the market is shifting from an aggressive impulse trading phase to a range-bound phase. Looking ahead, the seasonal characteristics of the historical third quarter suggest that Bitcoin will enter a phase of lower volatility and more moderate directional fluctuations. On average, the third quarter is the weakest quarter for Bitcoin, with a historical return rate of only +6%, and price movements tend to remain range-bound during this period.