Some crypto traders associate the return of the McRib to McDonald’s restaurants with a rise in Bitcoin’s price. According to Luke Nolan, senior researcher at CoinShares, there is no correlation between the two, as believers overlook McRib returns that were not followed by an increase. A CoinShares analysis shows that only three of the ten McRib returns produced clearly positive Bitcoin returns, while the sandwich sometimes preceded major price drops. The Federal Reserve’s decision on Wednesday is a more influential factor, alongside an $11.69 billion Bitcoin options expiry and the U.S. midterm elections on November 3. Bitcoin, down 6% at $79,750, could rally if the Fed holds rates steady and ETF inflows continue.
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