Benzinga - In a seemingly unconventional correlation, a crypto analyst drew attention to the return of McDonald’s McRib sandwich and its impact on the price of Bitcoin (CRYPTO: BTC).
What Happened: Crypto analyst Zack Voell has noticed a pattern where the reintroduction of the saucy sandwich has aligned with bullish trends in the cryptocurrency market.
Here's a lookback at how Bitcoin has reacted to news that McDonald's McRib is back on the menu.They just announced it again last week.
And you're bearish? pic.twitter.com/iUgsXrOO6G
— Zack Voell (@zackvoell) October 9, 2023
Since its debut in 1981, the McRib has developed a devoted following for its mouthwatering combination of boneless barbecue pork ribs, onions, and pickles. Throughout its history, the McRib has gained a reputation for its elusive nature, frequently making appearances on and off the menu. In a recent turn of events, McDonald’s even bid farewell to the sandwich with a “farewell tour” just last year.
However, starting from November 1, customers in select states across the United States will have the opportunity to savor the delicious McRib once more. The exact states where the sandwich will be available remain a closely guarded secret. In a statement released by McDonald’s USA, it was revealed, “It turns out not everyone was ready to say goodbye to the McRib after last year’s Farewell Tour. While it won’t be available nationwide, some lucky fans may find their favorite elusive saucy sandwich at their local McDonald’s restaurants this November.”
According to a Voel, this phenomenon has been observed since 2016 when McDonald’s started relaunching the McRib annually. Out of the last seven instances, Bitcoin’s price has surged four times following the sandwich’s return.
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Why It Matters: Notably, the most significant returns were witnessed in 2017 and 2021, coinciding with bull rallies in those respective years, shows the graph shared by the analyst. During these periods, Bitcoin experienced gains of over 200% within 90 days of the McRib’s reintroduction. Conversely, two instances in 2018 and 2022 saw the sandwich’s return accompanied by significant downturns in Bitcoin’s value.
Bitcoin plummeted to $3,250 in 2018 and approximately 22.5% in 2022, reaching lows of $15,500 in the weeks following the McRib’s reintroduction. It is worth mentioning that McDonald’s typically brings back the McRib towards the end of the year, specifically in October, November, and December.
Another analyst Nick Maggiullipoint, COO for Ritholtz Wealth Management pointed out that the S&P 500 has seen a 0.04% higher average daily return when the McRib sandwich was available compared to when it wasn’t.
Ladies and Gentlemen, the time has come https://t.co/xMTZN1hCMk pic.twitter.com/qweiqtFw01— Nick Maggiulli (@dollarsanddata) October 24, 2022
Photo by ATIKAN PORNCHAIPRASIT on Shutterstock
Price Action: At the time of writing, BTC was trading at $26,837.77, down 0.85% in the last 24 hours, according to Benzinga Pro.
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