According to CoinMeta, Wu said that the latest report from Bitcoin Chaincheck shows that as of August 12th, 8 out of the 12 Bitcoin market surrender signals it tracks are being triggered, and all 12 signals have entered a surrender zone within the past three months. Vaneck believes that Bitcoin's pullback since its peak in October 2025 has entered its 10th month, and the market may be approaching or has already entered an accumulation phase, with a potential turning point likely to occur between September and November. However, historical backtesting indicates that after similar surrender signals appeared, Bitcoin did not show significant excess returns in the following 3 to 6 months; only the one-year performance was better than the benchmark, and the relevant samples are limited. In the past 30 days, the number of BTC held for over a year has decreased by about 357,000 to 11.84 million, accounting for 59.1% of the circulating supply. Meanwhile, the US spot Bitcoin ETP saw a net inflow of about $663 million, and the volatility has dropped to 27.2% over the same period.