10x Research: Bitcoin Trading Volume Shrinks, Market Enters Narrow Range Consolidation

According to 10x Research analysis, Bitcoin trading volume has contracted significantly to levels far below historical peaks, and prices have entered the narrowest trading range in months; historically, such patterns often indicate an imminent directional breakout. Implied volatility in the options market has fallen to rare lows, ETF inflows remain sluggish, stablecoins continue to experience net outflows, and MicroStrategy has even shifted to net selling for four consecutive weeks. Considering both the macroeconomic background and technicals, the market is currently in a "calm before the breakout" phase, and the directional choice may become clear within this week.