Bitcoin
BTC$28 035.57

1.66%

Ethereum
ETH$1 775.07

1.02%

Tether
USDT$1.000976

-0.19%

Binance Coin
BNB$323.46

-0.40%

USD Coin
USDC$0.999601

0.01%

XRP
XRP$0.428645

-4.23%

Bitcoin heading for worst quarter since start of 2018 bear market


23 Jun 2021

#Bitcoin

Bitcoin appears poised to post its second-weakest quarter since the start of 2014. Bitcoin is poised to post its worst-performing quarter since the start of the 2018 bear trend. The current quarter is also on track to be the second-worst on record for BTC in the almost eight years since the start of 2014.

According to crypto data aggregator, Skew, Bitcoin is currently down nearly 46% for the quarter, the weakest quarter since Q1 2018 — when it shed approximately 50% of its value over just three months amid the fall-out from 2017’s all-time highs.

Since the start of 2019, Q2 2021 is just the fourth quarter that has seen a drawdown for Bitcoin’s value, with BTC’s price falling roughly 10.6% during Q1 of 2020, 13.6% in Q4 2019, and 21.5% in Q3 2019.

Big guys offloading BTC

According to CoinShares’ June 21 Digital Asset Fund Flows weekly report, institutional investors have continued to offload Bitcoin exposure for the sixth consecutive week, with BTC-tracking investment products experiencing $89 million in outflows over seven days.

Overall, crypto investment products combined saw a third consecutive week of outflows, with investors removing $79 million from the sector last week. However, CoinShares notes that multi-asset products saw inflows of $10 million, followed by Polkadot with $1.2 million, and Ripple with $800,000.

Institutions are not alone in reducing their Bitcoin exposure, with data from on-chain analytics provider, Glassnode, revealing OTC trading desks and miners are also offloading coins. According to Glassnode, the BTC holdings of OTC desks have dropped to their lowest level since March 2020, while miners have also been selling during recent weeks amid China’s crackdown on Bitcoin mining.

But not everyone is capitulating, with popular Bitcoin podcaster, Anthony Pompliano, tweeting to his nearly one million followers that he is accumulating Bitcoin by dollar cost averaging regardless. Pomp describes himself as “an atrocious trader who is guaranteed to lose,” and acknowledges he has “no clue where the price of Bitcoin is going in the short term,” which is why the influencer emphasizes his long-term outlook for BTC.

Glassnode also notes that long-term holders — Bitcoin addresses that historically do not sell the coins they accumulate — have significantly increased their holdings since Bitcoin began retracing from its all-time highs in April.


Related

HFM Introduces New Virtual Analyst
HFM Introduces New Virtual Analyst
Bitcoin retreats below $25000
Bitcoin retreats below $25000
The nice Bitcoin technique
The nice Bitcoin technique
Bitcoin falls below $20000
Bitcoin falls below $20000
Bitcoin falls below the $22000
Bitcoin falls below the $22000
Powell's speech deepens bitcoin correction
Powell's speech deepens bitcoin correction
Copy Trading Strategies: How to Start Successful Copy Trading
Copy Trading Strategies: How to Start Successful Copy Trading
Which Citizenship by Investment Programs are Crypto-Friendly?
Which Citizenship by Investment Programs are Crypto-Friendly?
Pressure on BTC at the $21500 level
Pressure on BTC at the $21500 level

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 69.6% 54 $28 035.57 1.66% 4.95% $541 839 096 808 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78% 39 $1 775.07 1.02% 1.84% $217 221 883 335 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000976 -0.19% -0.14% $78 562 701 230 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 76.4% 51 $323.46 -0.40% -2.95% $51 071 426 316 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 2 $0.999601 0.01% -0.01% $34 392 573 197 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 85.2% 21 $0.428645 -4.23% 14.37% $21 839 846 254 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 58.8% 82 $0.096384 -19.91% 10.66% $16 714 004 185 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 76% 43 $0.362541 -2.33% 6.05% $12 588 135 268 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 74% 51 $0.075059 -2.95% 0.21% $9 958 117 300 DOGE 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 76.4% 48 $1.11 -1.01% -7.45% $9 708 811 453 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 74.4% 52 $21.67 -0.29% 6.07% $8 316 110 713 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 92% 1 $0.996930 -0.27% -0.39% $8 039 266 757 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 71.6% 49 $6.16 -0.32% -4.71% $7 244 608 987 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 68% 58 $91.86 0.28% 9.72% $6 664 265 906 LTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.