Timothy Peterson, founder of CaneIsland Alternative Advisors, linked the current decline to seasonal factors, as historically Bitcoin has tended to underperform at this time of year. "Our research shows that there has been a trend of underperformance from July 22 to September 22," Peterson said. Mr. Peterson added: "Bitcoin's seasonal pattern emerges later in the year and prepares for the frequent'Ups' that follow." Meanwhile, Charles Edwards, founder of Capriole Investments, said the July 23 launch of a spot Ethereum ETF could also affect sentiment: "The market as a whole would be better off if the Ethereum Spot ETF wasn't launched in 2024. Its launch is bad for both Bitcoin and Ethereum. Ethereum has been sluggish throughout the cycle, and now it's muddying the waters by launching an ETF at the institutional level."