Bitcoin's market has quieted this summer after the sharp swings seen at the start of 2026, according to a July 17 report from U.S. crypto asset manager Grayscale. The firm said spot Bitcoin trading volume and realized volatility have both fallen to cycle lows, and that the market's response to news has become more muted. Options pricing also points to calmer conditions, with one-month implied volatility (options-based expected price swings) falling to 32%, below the 42% average recorded so far this year. The source also highlights weekly ETF outflows of $385 million and a broader drop in volatility as part of the recent cooling in market activity.