It Was Cruel Summer for the Bitcoin Market

You could insert an advertisement for the disclaimer that “past performance is not indicative of future results,” but also, we knew that. The only thing these historical time frames have in common over the years is the time frame itself. But we’ll look at these time frames for some insight anyway because?Mr. Market ?is emotional, irrational (a?dog-themed cryptocurrency ?is worth billions (there are actually?two of them !)), and?inefficient ?(if it weren’t, prices would never move).

A cruel summer

Here are some truths: During the last two summers, BTC spot exchange volumes (the dollar value of bitcoin traded) were down about 43.5% in 2021 and about 14.0% in 2022 when compared to the preceding three months, respectively. Volumes were down in both comparable periods, but bitcoin’s price gained 33.1% in 2021 and lost 32.6% in 2022. So if the last two years are any indication, you can reasonably suggest that volumes are thinner in summer, but you probably wouldn’t suggest that it leads to a price increase or decrease.