According to Odaily, Timothy Peterson, founder of Cane Island Alternative Advisors, has attributed the current decline in Bitcoin to seasonal factors. Historically, Bitcoin tends to underperform during this time of the year. Peterson stated, 'Our research indicates that the trend of underperformance from July 22 to September 22 has been consistent.' He further explained that Bitcoin's seasonal pattern emerges later in the year, setting the stage for the frequently observed 'Uptober' in October.
Meanwhile, Charles Edwards, founder of Capriole Investments, suggested that the launch of the spot Ethereum ETF on July 23 might also be affecting market sentiment. Edwards commented, 'If the Ethereum spot ETF had not been launched in 2024, the overall market would be better off. Its introduction has been detrimental to both Bitcoin and Ethereum. Ethereum has been underperforming throughout the cycle, and now its institutional-level ETF launch has added to the market's uncertainty.'
