The second quarter of 2021 was characterized by price retracing in most crypto assets in the CoinDesk 20, signaling the early beginnings of a new crypto bear market. Notably, bitcoin (BTC) had its third worst quarter ever in price performance, dropping 40%. The CoinDesk Quarterly Review 2021 Q2 dives into the main trends, developments and technological progress that shaped the crypto markets from April to June 2021. The topics covered in this report include: BTC/ETH returns, volatility and correlations compared to macro assets, signs of a crypto bear market, total value locked in Decentralized Finance (DeFi), Bitcoin mining in China and its impact on the environment, The Bitcoin Mining Council, and more.

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