Bitcoin
BTC$51 427.87

-0.18%

Ethereum
ETH$2 989.24

1.67%

Tether
USDT$0.999454

-0.06%

Binance Coin
BNB$385.05

0.07%

Solana
SOL$102.45

-1.41%

XRP
XRP$0.542899

-0.56%

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 60.4% 78 $51 427.87 -0.18% -1.05% $1 009 785 801 704 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62% 76 $2 989.24 1.67% 5.09% $359 189 739 849 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $0.999454 -0.06% -0.16% $97 789 912 036 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 63 $385.05 0.07% 8.22% $57 581 064 669 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 73.6% 53 $102.45 -1.41% -9.71% $45 175 701 615 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 84.8% 21 $0.542899 -0.56% -3.50% $29 619 835 373 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000080 0.01% 0.02% $28 031 263 934 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 68.8% 64 $0.593051 -0.09% -1.89% $21 032 395 764 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 67.2% 61 $36.82 -1.78% -11.35% $13 886 248 114 AVAX 7 days price change
10 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 68% 60 $0.139307 -0.05% 6.45% $12 262 023 323 WTRX 7 days price change
11 TRON (TRX) TRX TRON predictions 72.8% 60 $0.139115 -0.20% 6.04% $12 245 136 046 TRX 7 days price change
12 Dogecoin (DOGE) DOGE Dogecoin predictions 91.6% 12 $0.084450 0.21% -1.42% $12 091 969 176 DOGE 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 68.4% 68 $18.24 -1.12% -8.46% $10 706 752 451 LINK 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 74.4% 50 $7.51 1.20% -3.15% $9 629 855 982 DOT 7 days price change

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