Analysis: The current decline in Bitcoin is related to seasonal factors, and the timing of the launch of Ethereum's spot ETF is not good
Timothy Peterson, the founder of CaneIsland Alternative Advisors, links the current Bitcoin downturn to seasonal factors. Historically, Bitcoin tends to perform poorly at this time of year. Peterson said: "Our research shows that from July 22nd to September 22nd, there has always been a trend of poor performance (for Bitcoin)." Peterson added: "Bitcoin's seasonal pattern appears later in the year and prepares for the frequently occurring 'Uptober'."
Meanwhile, Charles Edwards, founder of Capriole Investments stated that the spot Ethereum ETF launched on July 23rd could also affect market sentiment. He said: "If the Ethereum spot ETF was not launched in 2024, the whole market would be better off. Its launch is detrimental to both Bitcoin and Ethereum. Ethereum has been languishing throughout this cycle; now it launches an ETF at an institutional level which muddies the waters."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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