Bitcoin is on track with its worst first quarter performance since 2018, with prices falling 11.86% in Q1 2025, according to Coinglas. As Bitcoin faces sales pressure below $85,000, the market’s sentiment has been reduced. About $90,000.56 million in BTC positions have been liquidated in the last 24 hours, with long traders losing $79.3 million and short sellers losing $11.25 million. Bitcoin’s open profits fell 4.5%, nearing a low of $54 billion, indicating a decline in trading activity. The long ratio is currently at 0.6051, indicating that 62.3% of traders expect a further decline, while 38% expect a rebound.
The Bitcoin recession comes as the US-based Spot Bitcoin ETF rounded out its longest influx streak on Friday. Fidelity’s FBTC recorded a $93.16 million outflow, reversing the $97.14 million inflow received the previous day. Other funds saw little or no movement. Overall, US Bitcoin ETF trading volume has increased slightly to $2.22 billion. The 10-day inflow streak added more than $1 billion in value. While institutional demand for Bitcoin remains, Jung pointed out that investors have not shown an aggressive risk appetite.
Bitcoin performance this quarter has been at its worst since 2018, falling 49.7%. The current 11.86% decline is above the 10.83% decline since the first quarter of 2020. If prices recover slightly, quarterly losses could fall below the 2020 figures, but ongoing pressure could fall below the $80,000 level of Bitcoin. The recent sale erases almost all of Bitcoin’s weekly profits, and investors remain cautious ahead of President Trump’s US tariffs, which are due to take effect on April 2. Stronger core PCE data than expected also contributes to market uncertainty.
The Ethereum ETF saw a rare positive day on Friday, defeating a 17-day net spill. Grayscale’s Ethe Fund brought in $4.68 million, while other Ethereum ETFs did not record any major influx or outflows. The US Spot Ethereum ETF totals $6.42 billion, a small portion of the $943.9 billion held by Bitcoin ETF. Grayscale’s Ethe is the largest Ethereum ETF with a $2.28 billion asset, with BlackRock’s ETHA running at $2.24 billion.
Ethereum prices have fallen about 2.5% over the past 24 hours. The network is preparing for the expected Pectra upgrade in late April or early May after successful deployment on the hoodie testnet.