Analysis: Bitcoin (BTC) Registers Worst Quarterly Performance Since 2011

Zinger Key Points
  • Bitcoin marks its worst quarter in a decade with a -56.2% loss
  • BTC realized cap has reached an 8-month low of $426 billion
  • Despite the crypto winter, the big players are stacking up on Bitcoin - El Salvador and Microstrategy 

Bitcoin BTC/USD marks its worst quarter in a decade with a 56.2% slump — breaking its last record of 49% loss in Q1 2021 when it fell from its ATH $19,750 to around the $4,000.

At the start of the quarter ended June, BTC was trading around $45,000, 35% down from its all-time high of $69,000, before hitting its 18-month low at $17,100 on June 19.  The last time Bitcoin had such a massive plunge was in November 2011 when it dropped 85% from $15 to $5.

 Source: col_jung

Bitcoin also continues to trade below its 200-week moving average of $22,500. It has only traded below this indicator once in history, during the COVID-19-induced crash in 2020.

Analytics on Glassnode indicate BTC's realized cap has reached an 8-month low of $426 billion as of July 1. Addresses holding $1 million+ Bitcoin have fallen to 26,300, from an all-time high of 108,886 on Nov. 21. The fall from 2021 high to 2022 lows is deep.
In 2021, Bitcoin miners earned $580 MWh (megawatt per hour) of the energy S19 rigs consumed; this number is down by almost 80% at $126 MWh earnings.

Despite the crypto winter, the big players are stacking up on Bitcoin.

The number of addresses holding 10+ bitcoins just reached a 6-month high of 148,464 wallets. As per data on CryptoQuant, long-term holders' movement in the last seven days is lower than the one-year average, indicating a stronger motive to hold coins.

On July 1, El Salvador announced it purchased more than 80 bitcoins at an average of $19,000 while asset management company Microstrategy bought $10 million worth of BTCs on June 29.

At the time of press, Bitcoin and Ether are traded at $19,450 and $1063 respectively — the top coins are down by about 6% each in 7 days.

Posted In: BitcoinCryptocurrencyNewsPreviewsMarketsTrading Ideas

Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month