Bitcoin ETF manager Bitwise published a report this week explaining why almost every September – including this one – is a bad month for Bitcoin.
The asset’s sour performance comes down to three factors: sinking risk assets, SEC enforcement actions, and a negative feedback loop.
Bitcoin’s September Blues
“Since bitcoin started trading in 2010, the asset has fallen 4.5% on average during September,” wrote Bitwise CIO Matt Hougan in a Monday memo. “That’s by far the worst month, and one of only two months with a negative average return.”
Bitcoin’s other typically negative month is August, which averages a 1.5% price drop every year. As of September 10, 2024, Bitcoin’s price is down 11.6% since August 1, including a 7% loss this September alone.
“The September effect” didn’t start with Bitcoin. Since 1929, September has historically been the only month when stocks fall rather than rise.
CME Group attributes the century-long history of poor stock performance to
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