Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Sunday, May 5th, and that means it's time for Long Read Sunday.

Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it,

give it a rating, give it a review, or if you want to dive deeper into the conversation,

come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly

slash breakdown pod. All right, friends, well, it is the first long read Sunday in the month of May, and so I thought

it only appropriate to review that old adage, sell in May and go away.

Luckily, Andre Dragosh, the head of research at ETC Group, decided to write an opet

exploring exactly that theme.

It's called Sell and May and Go Away,

the seasonality of crypto asset returns. Let's read it and then we will do a bit of a discussion.

Andre writes, TikTok, next block. Bitcoin works like clockwork, as they say. Approximately every 10

minutes, a new block of transactions is time stampedstamped into the public ledger. Obviously,

time plays an important role in Bitcoin's protocol, but what about the seasons? Traditional

Financial Research provides ample evidence for seasonality and equity returns. You've probably

come across terms like the January effect or turnaround Tuesday. Seasonal performance patterns

that are statistically significant can be observed on almost any time frame. Quarter quarterly, monthly, weekly, daily, hourly, and so on.

The saying, sell in May, and go away, has already been around since the 19th century,

as the summer months tend to have shown a remarkable weakness in equity returns historically

compared to other months of the year.

A look at Bitcoin's average monthly returns

...