ANALYSIS: Bitcoin's Decline May Be Linked to Seasonality, Poor Timing for Ether ETF Launch
On July 25, Peterson, founder of asset management firm Cane Island Alternative Advisors, linked the current decline in bitcoin to seasonality, as historically bitcoin tends to underperform this time of year. according to Peterson, “Our research shows that from July 22 to September 22, [the] trend of bitcoin underperforming has been consistent. Bitcoin) tends to underperform consistently from July 22 to September 22.”
Peterson added, “Bitcoin's seasonal pattern emerges later in the year and prepares for the frequent ‘Uptober (October Upside)’ that follows.”
And the July 23rd launch of the Spot Ether ETF could also impact sentiment, “The overall market would be better off if the Spot Ether ETF wasn't launched in 2024. Its launch is bad for both Bitcoin and Ether. Ether has been languishing throughout the cycle, and now it's muddying the waters by launching an ETF at the institutional level.”
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.
You may also like
AI drives "light" merger and acquisition: Marvell Technology (MRVL.US) seeks to acquire Lumentum (LITE.US), potentially entering the top ten largest tech deals in history
Marvell is in talks to acquire optical device maker Lumentum, which currently has a market value of 8.3 billion dollars. The transaction may be announced next week.
Australian Dollar holds above 0.7050 as hot CPI boosts RBA hike bets
Commodity cost headwinds increase to 2.5 billions USD, Ford Motor (F.US) sees core profit edge up 4% against the trend in Q3 and raises its annual guidance lower limit
Ford's Q3 adjusted EPS exceeded expectations by 20%, and the company raised the lower end of its full-year profit guidance to $10.5 billion; however, revenue slightly missed expectations, causing shares to fall nearly 2% after hours.
Crypto prices
More
