Dogecoin (DOGE) led declines among major cryptocurrencies, dropping 4.5% over the past 24 hours ahead of the U.S. Labor Day holiday.
Bitcoin (BTC) opened September near $107,000, but historical trends suggest a challenging month. Over the past 12 years, September has been Bitcoin’s weakest month on average, with median losses of around 5% and average declines near 6%.
MicroStrategy’s premium over Bitcoin has also been slipping, highlighting growing skepticism about corporate crypto strategies. Nick Ruck, director at LVRG Research, noted:
“MicroStrategy’s struggle to maintain its Bitcoin premium reflects broader market doubts about treasury models heavily focused on crypto. This dynamic may be amplified by September’s historically bearish trend for Bitcoin.”
“Investor caution signals a maturing market where structural risks and competition are prompting a reassessment of long-term value beyond Bitcoin exposure,” he added.
Expectations of potential Federal Reserve rate cuts could ease some seasonal pressure. Conversely, new ETF outflows or a fresh equity selloff could reinforce historical weakness, potentially testing BTC’s $100,000 support.
Other major tokens also retreated. Ethereum (ETH) fell 1.7% to $4,390, Solana (SOL) dropped 3.4% to $197.60, XRP slipped 4.3% to $2.72, and DOGE declined 4.2% to $0.214, reversing last week’s gains.
Since 2013, Bitcoin has ended September in the red eight out of twelve times, with steep losses in 2014 (19%) and 2019 (13%). Only 2015, 2016, and 2023 posted modest gains between 2–7%.
Seasonality—a recurring pattern in asset prices—likely influences these trends, driven by factors such as April–May profit-taking and December’s “Santa Claus” rally. While equities also experience weakness around this period, Bitcoin’s volatility amplifies the effect, keeping September closely watched by traders.
