Ethereum sees first monthly consecutive losses since August 2023 amid new ETFs

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Quick Take

Bitcoin

As July comes to a close, Bitcoin has finished approximately 6% higher, hovering around $66,000, nearly offsetting June’s 7% drop. In 2024, Bitcoin experienced five positive months and two negative ones. Looking ahead to August, Bitcoin has historically averaged a 2.7% gain since 2013, though it has fallen between 11% and 13% in the past two years. However, the real excitement lies in Q4, where October, November, and December have historically seen impressive average gains of 23%, 47%, and 5% respectively, according to Coinglass.

Ethereum

Coinglass data shows that Ethereum experienced a roughly 3.5% decline in July, marking the first consecutive back-to-back negative months since July and August 2023. Notably, July also saw the launch of Ethereum ETFs. Historically, Ethereum performs better in the first half of the year, with double-digit growth from January to May. This trend suggests that as we move into the latter stages of the year, Bitcoin, based on historical performance, is expected to outperform Ethereum.