According to TechFlow, on October 7, according to Cointelegraph, Greg Cipolaro, head of research at New York Digital Investment Group (NYDIG), released a report stating that despite the weak performance in the third quarter, Bitcoin is still the best performing asset this year. According to NYDIG data, Bitcoin only rose 2.5% in the third quarter, but the year-to-date increase is still 49.2%. Cipolaro said that although Bitcoin's lead has narrowed, it still maintains the best performance.

The report pointed out that Bitcoin trading has mostly fluctuated within a range over the past six months, mainly affected by factors such as the distribution of Mt. Gox and Genesis creditors (totaling nearly $13.5 billion) and large-scale Bitcoin sales by the US and German governments. Despite this, Bitcoin still achieved a 10% increase in September, which is usually bearish. Factors such as continued demand for US spot exchange-traded funds (ETFs) and corporate increases in Bitcoin holdings have had a positive impact on recent performance.

Cipolaro also pointed out that the 90-day rolling correlation between Bitcoin and U.S. stocks continued to rise in the third quarter, reaching 0.46 at the end of the quarter, but still believes that Bitcoin is a good portfolio diversification option. Looking ahead to the fourth quarter, Cipolaro said that the U.S. election on November 5 will have a significant impact on market performance. He expects that if Trump wins, crypto assets may gain more. Cipolaro emphasized that the fourth quarter has always been a bull market period for Bitcoin, and there are currently multiple catalysts that may cause history to repeat itself.