The digital currency is on track to have its worst quarter in a decade.
In the second quarter of the year, the value of the world's largest coin has plummeted.
Since the third quarter of 2011, when it lost 68.1% of its value, this is the worst quarter for the currency.
In June, it is on pace to be the worst month on record since it became available on exchanges, according to data from coin metrics.
In the second quarter, ether is down 69.3% and is on track for its worst quarter on record, dating back to its inception in 2015.
Widespread inflation has caused central banks around the world to raise interest rates and lead to a sell-off of risk assets such as stocks and digital coins.
The crash in prices has exposed issues with companies in the lending space and firms that are high in debt.
Several high profile issues came to light during the quarter.
Growth and hiring at companies have been impacted by the latest downturn, which is being referred to as a new "crypto winter" Plans were made to lay off staff.
In the previous boom and bust cycle, Jacob Joseph states that in the fourth quarter of last year, the price of bitcoin fell from a peak of $19,871 to a low of $3,170.
If the current poor macroeconomic conditions persist, we could be in for a further drawdown period.
Others have expressed bearishness as well. Scott Minerd, Chief Investment Officer of Guggenheim, said in May that there could be a drop in the price of the digital currency. The price of the coin was around $30,000 at the time.
Gina Francolla is a correspondent for CNBC.
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