First Mover Americas: Bitcoin Still Stuck in Limbo
This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. .
Bitcoin (BTC) has remained almost entirely locked below the $26,000 mark since Sept. 1, showing little to no signs of life. BTC is basically unchanged over 24 hours, down 0.1% at around $25,700. The CoinDesk Market Index (CMI) is down by a negligible 0.04%. Investors are seemingly holding off making any substantial moves until further developments emerge, both in the cryptocurrency market and the wider economy. “It seems as though most of the speculative money has already fled the crypto space and the market participants are waiting for the Fed’s next move,” Yuya Hasegawa, a crypto market analyst at Japanese exchange Bitbank said.
Ether (ETH) will outperform bitcoin in September and October, according to crypto analytics firm K33. Given the high chances that the U.S.’ first ether ETF will be approved in mid-October, investors can ride the momentum that will drive ETH as the deadline approaches, according to senior analyst Vetle Lunde. September is a historically difficult month for BTC, having recorded negative returns in that month every year since 2016. The odds, therefore, are “stacked in favor of ETH,” Lunde said, citing the 60% gain that bitcoin made in the three weeks prior to its first U.S. futures-based ETF winning approval in 2021.