Bitcoin is currently in a consolidation phase, trading between $100,000 and $110,000, according to a recent Alpha report by Bitfinex. This follows a significant 50% surge from a low of $74,634 in April. The report highlights a cooling in on-chain and derivative trading activities, with reduced spot trading volumes and decreased open interest, indicating a shift from aggressive trading to a more stable range-bound market. Historically, the third quarter is the weakest for Bitcoin, with an average return of just +6%. Bitfinex suggests that Bitcoin is likely to experience lower volatility and moderate directional changes in the upcoming months, consistent with past seasonal trends.