Another month of endurance? Historical data: Bitcoin always falls in September and rises in October.

Bitcoin fell by -1.5% over the weekend to a low of $57,116. It has only closed higher for 29 days since August 25th, and the total cryptocurrency market capitalization has also dropped by over 10.82%.

Bitcoin Always Falls in September, Rises in October

Facing the market downturn, the crypto community on Twitter has started to identify the upward trend of Bitcoin by examining its historical performance, noting that although Bitcoin tends to underperform in September, it usually sees gains in October.

According to Coinglass, Bitcoin did indeed show a general downward trend in September, with a decrease of 4.63%, while the average increase in October was as high as 22.9%, with only October in 2014 and 2018 experiencing a decline.

Bitcoin Still in Early Post-Halving Phase

Some in the community have compared the trend of Bitcoin post-halving with past halving events.

According to Twitter user @degengambleh's comparative analysis of Bitcoin's post-halving trends in 2012, 2016, and 2020, it suggests that Bitcoin is still in the early stages of an upward trend, with the $48,000 in early August potentially being the bottom.

Idk about you, but I’m not fucking leaving

🕊️ pic.twitter.com/c5w0tH7Nz2

— Zer0 🕊️ (@degengambleh) August 31, 2024

Bitcoin ETF Sees Net Outflows in August

The data for Bitcoin ETFs in August was also less than ideal. According to SoSoValue, after four consecutive days of net outflows until August 30, Bitcoin spot ETFs saw net outflows of about $94 million in August, with the overall market value evaporating over $4 billion since early August.

Ethereum spot ETFs on August 30 showed no significant net inflows or outflows for the first time. Although Ethereum ETFs had a trading volume of over $1 billion in the first two days of listing in July, the volume significantly decreased thereafter, with a net outflow of approximately $470 million.