This quarter promises to be the worst for bitcoin since 2018
Nevertheless, this quarter promises to be the worst for BTC since the start of the 2018 bear market.
The crypto market was able to rebound on Wednesday night. On June 23, bitcoin rose to nearly $35,000.
According to CryptoQuant CEO Qi Yang Ju, the BTC collapse was the result of cryptocurrency dumping by large investors, often referred to as "whales. The exchange balance of such addresses rose to its highest level since last March, coinspot writes.
Institutional investors are also withdrawing assets from bitcoin-based funds. According to a report from CoinShares, this is the sixth week in a row that this has happened.
CoinShares strategist Meltem Demirors thinks the drop was expected after the market had been rising for about 200 days.
About 70% of Chinese cryptocurrency miners have already shut down their equipment, and their share will approach 90% by June 30, said Kevin Zhang, vice president of business development at mining company Foundry.
According to him, most of the equipment installed at Chinese enterprises is not suitable for use abroad because it does not meet the standards of Western countries.
Not only mining companies are planning to leave China, but also manufacturers of cryptocurrency mining devices. So, Bitmain giant temporarily suspended the sale of equipment and announced "a complete move abroad.
Only 10% of institutional investment firms surveyed by JPMorgan trade in cryptocurrencies. At the same time, a third of respondents called digital assets "rat poison.
The financial holding company surveyed about 3,000 investors from about 1,500 institutions. 80% of those institutions that did not invest in cryptocurrencies said they did not intend to do so in the future.