Coinbase analysts released a report recently suggesting that Bitcoin has underperformed US equities since the deleveraging event in early August. On Aug. 4, the crypto market experienced a significant sell-off in tandem with the stock market. "Bitcoin's recent price action has been choppy, and it has been trading in a relatively tight range," the Coinbase analysts explained, indicating a lack of a compelling narrative to drive prices higher. September has also been historically challenging for crypto, they added.