Bitcoin (BTC) and Ethereum (ETH) are on track for their worst first-quarter performances in years, with only a dramatic rally in the coming days capable of reversing the downturn. According to CoinGlass data, Ethereum has plunged 37.98% in Q1 2025, marking its steepest decline since 2018, when it fell 46.61%. Meanwhile, Bitcoin has dropped 6.49% so far this quarter, its worst Q1 since 2020, when it declined 10.83%.
Crypto Market Struggles to Gain Momentum
Despite past bullish trends, market analysts predict that a sudden recovery before March 31 is unlikely. Swyftx lead analyst Pav Hundal noted that the market is “flying a little blind” until mid-April, when more clarity on U.S. President Donald Trump’s tariff policies emerges.
Historically, Q1 has been Ethereum’s strongest quarter, with an average gain of 78.23% since 2017, while Bitcoin has averaged a 51.62% return since 2013. However, current macroeconomic conditions have dampened investor sentiment, leading to a broader market decline. Since January 1, the total cryptocurrency market capitalization has fallen 11.65%, currently sitting at $2.88 trillion, according to CoinMarketCap.
Potential for a Late Market Rally?
Some analysts believe Bitcoin may stage a comeback in the coming weeks. Crypto commentator Colin Talks Crypto suggested that Bitcoin’s “next major blast-off” could occur around April 30. Similarly, Swan Bitcoin CEO Cory Klippsten estimated a more than 50% chance of BTC reaching new all-time highs before the end of June.
GLOBAL M2 HITS NEW ATH
— Colin Talks Crypto 🪙 (@ColinTCrypto) March 18, 2025
Based on the high correlation of the 107-day offset, Bitcoin could begin its next major blast-off around April 30, 2025.
Learn more at the video below https://t.co/NsuE7Wy14c pic.twitter.com/6CeIfATEMM
At press time, Bitcoin is trading at $87,558, while Ethereum is at $2,059—up 5.08% and 5.88% in the past 24 hours, respectively. Meanwhile, the ETH/BTC ratio has dropped to 0.2348, its lowest level since May 2020, indicating Ethereum’s underperformance relative to Bitcoin.
Also Read: Bitcoin Soars to $87.5K as Open Interest Hits Record $32B—What’s Next?
With the Crypto Fear & Greed Index registering a “Neutral” score of 47, investor sentiment remains cautious. While optimism was high at the beginning of 2025, macroeconomic uncertainty and tariff concerns have stalled bullish momentum. Whether Bitcoin and Ethereum can recover from their worst Q1 in years remains to be seen in the months ahead.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
