Bitcoin company NYDIG: Bitcoin outperforms all assets this year

The Bitcoin company NYDIG has released its Q3 Bitcoin Market Update, discussing the price decline of Bitcoin, its performance year-to-date, and expectations for price based on ETFs and the upcoming halving rewards.

Bitcoin Down 11.1% in Q3

Bitcoin saw a decline of 11.1% in value in the third quarter, as rising interest rates and concerns about economic slowdown affected many asset classes.

Bitcoin Still the Best Performing Asset of the Year

From the beginning of 2023 to date, Bitcoin has still risen by 63.3%, far exceeding the returns of any other asset class:

NYDIG Remains Hopeful for Bitcoin ETF

NYDIG stated that although all Bitcoin spot ETFs will be delayed until early next year Beleid Bitcoin spot ETF delayed again! Will the SEC delay it all before the U.S. government shuts down? there is still a major pending development, which is the legal case between Grayscale and the SEC. The court has requested the SEC to respond to the reasons for rejecting Grayscale's ETF conversion, and the SEC has until October 13 to appeal.

On the other hand, the market's interest in cryptocurrency ETFs may also be another issue, as the trading volume of the recently approved Ethereum futures ETF is dismal, which may also indicate a lack of market interest in cryptocurrency themes.

Finally, NYDIG believes that the reward halving in April 2024 is still an important economic and price cycle indicator.