Bitcoin is headed for the worst quarter since the bear market in early 2018
Bitcoin is poised to have its worst quarter since its downtrend began in 2018.
The current quarter is also well on its way to becoming the second worst quarter since early 2014 for BTC in nearly eight years.
Bitcoin is currently down nearly 46% in the quarter, according to crypto data aggregator Skew, the weakest quarter since the first quarter of 2018 – when it lost around 50% in value in just three months, compared to its all-time high of 2017.
– oblique (@skewdotcom) June 22, 2021
As of the beginning of 2019, the second quarter of 2021 is only the fourth quarter with a loss in value of Bitcoin, with the BTC price increasing in the first quarter of 2020 by around 10.6%, in the fourth quarter of 2019 by 13.6% and in the third quarter of 2019 by 21 .5% has fallen.
The big guys are lowering the price of BTC
According to CoinShares ’21. June’ Flow of Digital Asset Funds According to weekly reports, institutional investors further reduced their exposure to Bitcoin for the sixth straight week, with investment products tracking BTC flowing in $ 89 million in seven days.
Overall, crypto investment products combined saw a third straight week of no inflows, with investors removing $ 79 million from the sector last week. However, CoinShares found that multi-asset products saw $ 10 million in inflows, followed by Polkadot with $ 1.2 million and Ripple with $ 800,000.
Institutions aren’t the only ones reducing their bitcoin exposure, as data from on-chain analytics provider Glassnode reveals that OTC desks and miners are dumping the coins too.
According to Glassnode, BTC stocks on OTC desks have fallen to their lowest level since March 2020, while miners have also sold out in recent weeks amid China’s crackdown on Bitcoin mining.
#Bitcoin Mining companies increased their distribution in June when the mining industry saw the largest migration in history.
However, $ BTC OTC desk inventories have hit a new local low, most recently in March 2020.
Read our analysis here: //t.co/dRbQgKkwfh pic.twitter.com/9MDXQfVB4l
– Glass node (@glassnode) June 23, 2021
But not everyone invests, because the prominent Bitcoin player Anthony Pompliano tweeted to his almost one million followers that he amassed Bitcoin at the average dollar price.
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Pomp describes himself as “a lousy trader who is guaranteed to lose” and admits that he “has no idea where Bitcoin price is going in the short term,” which is why star influencer is highlighting its long-term prospects for BTC.
4 / The dollar average cost strategy is based on the idea that “time in the market is more important than time in the market”.
This is historically true of Bitcoin. The property has seen an average annual growth rate of over 100% over the past decade.
– Pomp (@APompliano) June 22, 2021
Glassnode also advises that long-term owners – Bitcoin addresses that have not previously sold the coins they have accumulated – have increased their holdings significantly since Bitcoin began to fall from its all-time high in April.
– Yann & Jan (@Negentropic_) June 22, 2021