According to online reports, Bitfinex Alpha released a report saying that the recent narrowing of Bitcoin's price trend reflects the cooling of on-chain activities and derivatives trading activity, which is reflected in the decline in spot trading volume, weakening pressure on buyers who take orders, and open interest contracts. The decrease in the volume highlights that the market is moving from an aggressive surge stage to a range volatility stage. The realizable price for short-term holders of Bitcoin is around $98,700, which has become a key structural support level where bargain hunters often accumulate Bitcoin during price corrections, especially during the recent market correction caused by escalating tensions between Iran and Israel. Bitfinex pointed out that historically, the third quarter was the weakest quarter for Bitcoin, with an average return of only 6.03%, much lower than the 27.12% in the second quarter, and the quarter tended to have low volatility. This seasonal pattern, combined with the current technical situation, indicates that Bitcoin prices may continue to consolidate sideways unless major macroeconomic events or positive factors related to ETFs (Transacted Open-ended Index Funds) break this situation.