Yes and no. There is no switch that has been flicked with the change of months but the next 31 days should make up the meat of City's activity this summer for the first team, leaving the fringes to run into August and the end of the window.
Other clubs are also returning from their holidays, and many of them are pivoting to a new financial year. After the PSR scramble over the last few weeks to round off years, the focus now turns towards the next 12 months.