According to BlockBeats, on July 25, Peterson, founder of asset management company Cane Island Alternative Advisors, linked the current decline in Bitcoin to seasonal factors, because historically, Bitcoin tends to perform poorly 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."

“Bitcoin’s seasonal patterns emerge later in the year and set the stage for the ‘Uptober’ that frequently follows,” Peterson added.

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 is launching an ETF at the institutional level, muddying the waters.”