Coinbase analyst: Bitcoin has underperformed the S&P 500 since the deleveraging event in early August

According to the weekly analysis released by Coinbase, Bitcoin has underperformed the S&P 500 since the deleveraging event in early August. Coinbase analysts David Duong and David Han said: "On a risk-adjusted basis, the price of Bitcoin is currently 0.50 standard deviations below its three-month average, while the S&P 500 index is actually 1.41 standard deviations above its three-month average." Coinbase analysts believe that Bitcoin's recent price performance has been unstable, the trading range is quite narrow, there is a lack of narrative catalysts to drive Bitcoin prices up, and September is a seasonally difficult period for cryptocurrencies. Analysts also pointed out that Ethereum's performance continues to lag behind Bitcoin, and the ETH/BTC ratio has reached a new low this year, which is related to the outflow of funds from the spot Ethereum ETF. (TheBlock)