Analysis: The current decline of Bitcoin is related to seasonal factors, and the timing of the Ethereum spot ETF launch is not ideal

2024-07-25 14:32:16

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ChainCatcher news, Cane Island Alternative Advisors founder Timothy Peterson links the current Bitcoin decline to seasonal factors, as historically, Bitcoin tends to perform poorly at this time of year. Peterson stated, "Our research shows that the trend of poor performance for (Bitcoin) has been present from July 22 to September 22."

Peterson added, "The seasonal pattern of Bitcoin appears later in the year and prepares for the frequently occurring 'Uptober' (October upturn) that follows."

Charles Edwards, founder of Capriole Investments, stated that the spot Ethereum ETF launched on July 23 could also affect market sentiment, "If the Ethereum spot ETF were not launched in 2024, the entire market would be better. Its launch is detrimental to both Bitcoin and Ethereum. Ethereum has been sluggish throughout the cycle, and now it's launching an ETF at the institutional level, which has muddied the waters."

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