The Block: Despite Grayscale's victory, Bitcoin's performance in September remains unclear

ChainCatcher news, according to The Block, although Grayscale won the lawsuit, it is unlikely to prevent Bitcoin from ending August with a negative monthly return. The price of BTC was above $29,000 at the beginning of the month and is currently hovering above $27,000.

Bitcoin's performance in August has brought uncertainty to the trend in September. August experienced record-low volatility, declining trading volume, and a flash crash that saw prices drop to the $25,000 range. CoinShares research director James Butterfill stated that the price drop in August "highlights Bitcoin's vulnerability in the face of larger trades, which becomes more pronounced in the current low trading volume environment."

Butterfill predicts that market indecision will characterize the beginning of September. He expects traders to oscillate between excitement over the potential approval of ETF applications and concerns about the U.S. Securities and Exchange Commission (SEC) approval. Despite Wednesday's court ruling in favor of Grayscale, Butterfill noted that "this is unlikely to accelerate the SEC's approval timeline, as an appeal is still possible."