Bitcoin fell -1.5% over the weekend to a low of $57,116. Since August 25, it has only closed with a gain on 29 days. The total crypto market value has also fallen by more than 10% (-10.82%) so far.
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ToggleBitcoin always falls in September and rises in October
Faced with the market downturn, the crypto community on Twitter also began to find opportunities for growth from the past trend of Bitcoin, pointing out that although Bitcoin always performed poorly in September, it almost rose in October.
According to Coinglass , Bitcoin did generally show a downward trend in September (-4.63%), while the average increase in October was as high as 22.9%. Only October in 2014 and 2018 fell.
Bitcoin is still in its early stages post-halving
There are also communities comparing Bitcoin to past halving trends.
According to a comparative analysis of Bitcoin's post-halving trends in 2012, 2016 and 2020, Twitter user @degengambleh shows that Bitcoin is still in the early stages of its rise, and the previous $48,000 in early August may have been the bottom.
Idk about you, but I'm not fucking leaving
— Zer0 🕊️ (@degengambleh) August 31, 2024
Bitcoin ETFs saw net outflows in August
The data of Bitcoin ETFs in August was also not ideal. According to SoSoValue , after showing net outflows for the fourth consecutive day on August 30, Bitcoin spot ETFs had a net outflow of approximately US$94 million in August, and since the beginning of August The overall market value has evaporated by more than US$4 billion.
On August 30, the Ethereum spot ETF had no obvious net inflow or outflow for the first time. Although the trading volume of the Ethereum ETF exceeded US$1 billion in the first two days of its listing in July, the trading volume has dropped significantly since then. Outflows totaled approximately $470 million.
