Bitcoin "opens" at the beginning of the month around $57,000, is September a dump month?

After a gloomy August with a flash crash that wiped out $1 billion in liquidation value at the beginning of the month, the crypto community continues to worry about the prospect of September 2024 continuing to be on fire.

The end of August and the beginning of September witnessed an extremely gloomy period for the crypto market. BTC, after recovering from the terrifying flash crash in early August thanks to hopes that the Fed would cut interest rates again, once again fell to around $57,000.
The largest coin in the market closed the monthly candle with a decrease of 8.6%, opening a September with a not-so-optimistic sentiment. Looking back at history, September is the month with the most "on fire" times with 8/11 times recording a decrease.
Therefore, the community is extremely "concerned" that history will continue to repeat itself in September 2024, continuing to witness a month of "bloodshed".

Once Bitcoin falls sharply, other Altcoins will not be able to maintain the upward momentum. For example, Ethereum, although the second largest coin in the market, has not been highly appreciated in recent days.
ETH closed the August candle with a decrease of 22.2%, the deepest month of decline since the beginning of the year. ETH is currently only fluctuating around 2,430 USD, fluctuating only a few dozen price steps per day.

Before the flash crash on August 5, ETH was trading at more than 3,000 USD per coin, but for nearly a month now, the highest it can reach is 2,800 USD.
The weak price performance that has led to a decline in investment profits is the source of recent controversies in the Ethereum community.

ETH holders not only forced the Ethereum founder to write an article about "dirty ETH shill", but also criticized the Ethereum Foundation for not being transparent about its finances and continuously dumping ETH into the market.
The lack of new capital in the market is also reflected in the "desolate" ETF cash flow. The last trading day of August witnessed the Bitcoin ETF having the second highest outflow day of the month, the Ethereum ETF had a cash flow of 0.

Not only ETH, the Layer-1 network considered as "Ethereum's rival" Solana, after many months of "hot growth", also began to slow down. SOL opened August at around 171.7 USD, but closed at 135.3 USD, down 21.2%.
Or in the past 7 days, the price of SOL has decreased by more than 29%, currently fluctuating around 128 USD.

With the prospect of a September that continues to be fiery, the community can only hope for the event considered the "bullish unlock" of the month, which is Changpeng Zhao's release from prison on September 29.

In addition, the debate between Trump and Harris on September 10 also leaves open the possibility that crypto will be mentioned by the two politicians. If Trump continues to show his toughness similar to the previous debate with candidate Joe Biden, crypto will likely be fomo again.