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, said Yuya Hasegawa, a crypto market analyst at Japanese exchange Bitbank. Bitcoin (BTC) has been trading below the $26,000 mark since September 1, with little to no signs of life. The CoinDesk Market Index (CMI) is down by a negligible 0.04%.
According to crypto analytics firm K33, Ether (ETH) will outperform Bitcoin in September and October. Senior analyst Vetle Lunde believes that investors can ride the momentum that will drive ETH as the deadline for the U.S.’s first Ether ETF approaches in mid-October. September is a historically difficult month for BTC, having recorded negative returns in that month every year since 2016. Lunde cites the 60% gain that Bitcoin made in the three weeks prior to its first U.S. futures-based ETF winning approval in 2021.
The first legally issued digital security could be available to retail investors later this month. SOMA Finance, a joint venture between decentralized autonomous organization (DAO) MANTRA and FINRA-registered broker dealer Tritaurian Capital, plans to sell up to $5 million in tokens that will give the holders the right to a dividend on profits. The SOMA tokens will actually represent a financial interest, given the token would be a non-cumulative, participating preferred stock of SOMA.finance.