Does an average 9% return on investment sound attractive?
As it turns out, this is exactly what the Chinese New Year has had in store for Bitcoin investors for the past eight years, according to a new report by digital assets financial services platform Matrixport.
“Buying Bitcoin at the end of the first day of Chinese New Year and selling it 10 trading days later would have returned +9%, on average, with all of the last eight years (2015-2022) showing positive returns,” Markus Thielen, head of research at Matrixport, wrote in a note.
According to Thielen, this means—if history is anything to go by—investors that bought Bitcoin on Sunday, January 22, and exit the position next Wednesday, February 1, could leave the trade with a 9% profit.
“China has been a major influence on Bitcoin for many years,” Thielen told Decrypt. “When people get together, they talk.”
As the chart above shows, the ten-day trading period after the Lunar New Year of 2017 was the most profitable in the past eight years, boasting 15%…