Since the beginning of the bear market trend in 2018, Bitcoin is expected to record its worst quarter.
This quarter is also expected to become the second worst quarter since the beginning of 2014 in the past eight years since BTC has recorded.
According to data from encrypted data aggregator Skew, Bitcoin is currently down nearly 46% this quarter, which is the weakest quarter since the first quarter of 2018. After the historical high in 2017, Bitcoin The currency has fallen by about 50% in just three months.
— Skew (@skewdotcom) June 22, 2021
Since the beginning of 2019, the second quarter of 2021 is only the fourth quarter in which the value of Bitcoin has fallen. The price of BTC has fallen by approximately 10.6% in the first quarter of 2020, and has fallen by 13.6% in the fourth quarter of 2019. It fell 21.5% in the third quarter.
Big guys uninstall BTC
According to CoinShares on June 21 Digital asset capital flow Weekly report, institutional investors have Continue to reduce Bitcoin exposure For the sixth consecutive week, investment products tracking BTC flowed out of US$89 million in 7 days.
In general, crypto investment products have experienced capital outflows for the third consecutive week, and investors withdrew US$79 million from the industry last week. However, CoinShares pointed out that multi-asset products flowed in at US$10 million, followed by Polkadot with US$1.2 million and Ripple with US$800,000.
Institutions are not the only ones to reduce the risk of Bitcoin. Data from the on-chain analytics provider Glassnode shows Over-the-counter trading counter Miners are also unloading coins.
According to Glassnode’s data, BTC holdings on over-the-counter trading desks have fallen to their lowest level since March 2020, and miners have been selling off in recent weeks China cracks down on Bitcoin mining.
#Bitcoin As the mining industry experienced the largest migration in history, miners increased their distribution throughout June.
despite this, Bitcoin The open interest of the over-the-counter trading desk has reached a new local low, last seen in March 2020.
-Glass node (@glassnode) June 23, 2021
But not everyone surrendered. The popular Bitcoin podcaster Anthony Pompliano tweeted to his nearly 1 million followers that he was accumulating Bitcoin on average at dollar costs anyway.
Pomp described himself as “a brutal trader destined to lose” and admitted that he “does not know where the price of Bitcoin will go in the short term”, which is why influencers emphasized his long-term prospects for BTC.
The 4/ dollar cost averaging strategy relies on the idea that “the time to enter the market is more important than the timing of the market”.
Historically, this is true in Bitcoin. In the past ten years, the compound annual growth rate of this asset has exceeded 100%.
-Pump (@APompliano) June 22, 2021
Glassnode also pointed out that long-term holders — Since Bitcoin began to fall from a historical high in April, Bitcoin addresses that historically did not sell their accumulated coins have significantly increased their holdings.
If you are scared, just remember something #Bitcoin Long-term holders are doing it now. Don’t let vola take you to your head, think about it in the long run.https://t.co/koCh7pfGf9 pic.twitter.com/bAba8DUWo2
-Yann & Jan (@Negentropic_) June 22, 2021