Odaily News Timothy Peterson, founder of Cane Island Alternative Advisors, links the current Bitcoin decline to seasonal factors, as Bitcoin historically tends to underperform at this time of year. Peterson said: "Our research shows that the trend of (Bitcoin) underperformance has been in place from July 22 to September 22." Peterson added: "Bitcoin's seasonal pattern appears later in the year and prepares for the subsequent frequent 'Uptober (October Upward)." At the same time, Charles Edwards, founder of Capriole Investments, said that the spot Ethereum ETF launched on July 23 may also affect market sentiment. "If the Ethereum spot ETF is not launched in 2024, the entire market will be better. Its launch is not good for both Bitcoin and Ethereum. Ethereum has been sluggish throughout the cycle, and now it has launched an ETF at the institutional level, muddying the waters." (Cointelegraph)