Bitcoin
BTC$29 991.75

-3.54%

Ethereum
ETH$2 031.60

-4.88%

Tether
USDT$0.998910

0.01%

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Binance Coin
BNB$298.33

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XRP
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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.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 64% 68 $29 991.75 -3.54% -3.73% $571 096 590 589 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 64.8% 69 $2 031.60 -4.88% -11.59% $245 430 212 085 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.998910 0.01% -0.11% $75 669 571 698 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000428 0.01% 0.05% $51 997 866 611 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 69.6% 67 $298.33 -3.74% -3.49% $48 710 191 102 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 68.4% 65 $0.425763 -4.21% -15.85% $20 582 710 045 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 64% 69 $0.563705 -5.31% -11.37% $19 064 664 807 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 61.2% 80 $54.33 -6.12% -17.53% $18 316 369 697 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $0.999835 -0.20% 0.14% $17 995 102 162 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 67.2% 70 $0.087883 -4.38% -19.34% $11 659 464 364 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 59.6% 80 $10.80 -8.19% -3.17% $10 664 482 167 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 62.4% 81 $33.32 -8.54% -24.56% $8 965 526 073 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 69.2% 68 $30 004.77 -3.62% -3.76% $8 521 473 438 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 69.2% 65 $0.069537 -3.56% -8.10% $6 798 628 171 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.6% 79 $0.000012 -6.70% -19.95% $6 617 144 414 SHIB 7 days price change

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