Bitcoin Holds Steady Amid Seasonal Weakness and ETF Caution

Bitcoin's price has remained steady at $62,600 on Monday, while Ethereum also held its ground at $1,852. The crypto market is currently in a calm state due to weak US spot Bitcoin ETF flows and slow trading.

Despite the current lull, major players showed significant interest in cryptocurrencies during July, with over 40,100 BTC being grabbed by them. This indicates that institutions are still confident about the long-term prospects of crypto assets.

The current price action is also influenced by seasonal factors, as August has historically been a challenging month for Bitcoin returns, which tend to drop by nearly 7%. Additionally, inconsistent demand from ETFs is causing investors to exercise caution.