Bitcoin
BTC$26 246.05

0.36%

Ethereum
ETH$1 593.83

0.66%

Tether
USDT$0.999487

-0.01%

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-0.20%

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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 93.2% 4 $26 246.05 0.36% -3.43% $511 734 085 488 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90% 6 $1 593.83 0.66% -2.38% $191 632 513 294 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999487 -0.01% -0.07% $83 224 164 781 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 92.4% 4 $211.72 0.08% -2.04% $32 571 718 390 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 92% 8 $0.503310 -0.20% -3.37% $26 832 642 795 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000273 0.03% 0.02% $25 522 808 716 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 88% 16 $0.084838 0.99% 0.17% $8 625 977 192 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 90% 9 $0.243917 -0.07% -4.68% $8 568 448 261 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 94% 6 $0.060472 0.42% -3.43% $8 537 607 818 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 85.2% 23 $18.91 -1.18% -6.86% $7 807 388 894 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 84.4% 20 $0.085113 0.64% 0.41% $7 583 242 853 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 58% 86 $2.15 0.87% -11.29% $7 362 786 595 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 92% 1 $0.999873 0.06% 0% $5 347 208 180 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 89.6% 16 $4.00 -0.01% -3.39% $4 935 973 005 DOT 7 days price change

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