TechFlow news, October 7 — According to Cointelegraph, Greg Cipolaro, head of research at New York Digital Investment Group (NYDIG), released a report stating that despite a weak performance in the third quarter, Bitcoin remains the top-performing asset of the year. Data from NYDIG shows that Bitcoin rose only 2.5% in Q3, but is still up 49.2% year-to-date. Cipolaro noted that while Bitcoin's lead has narrowed, it continues to outperform all other assets.
The report highlighted that Bitcoin trading over the past six months has largely fluctuated within a range, primarily influenced by factors such as distributions to Mt. Gox and Genesis creditors (totaling nearly $13.5 billion) and large-scale Bitcoin sell-offs by the U.S. and German governments. Nonetheless, Bitcoin achieved a 10% gain in September, a month typically seen as bearish. Sustained demand from U.S. spot exchange-traded funds (ETFs) and corporate Bitcoin accumulation have positively impacted recent performance.
Cipolaro also pointed out that the 90-day rolling correlation between Bitcoin and U.S. equities continued to rise in Q3, reaching 0.46 by quarter-end. Nevertheless, he maintains that Bitcoin remains a strong option for portfolio diversification. Looking ahead to the fourth quarter, Cipolaro said the U.S. election on November 5 will significantly impact market performance. He expects that if Trump wins, crypto assets may see even greater gains. Cipolaro emphasized that Q4 has historically been a bullish period for Bitcoin, and multiple catalysts are currently in place that could make history repeat itself.
