Third-Worst Q1 Since 2013: Bitcoin And Ether Close A Quarter That Rivaled The 2018 Bear Market

Bitcoin (BTC) and Ethereum (ETH) are on course to close Q1 2026 with their third-worst first-quarter performances on record, according to CoinGlass data - with Bitcoin down 23.21% for the quarter and Ether off 32.17%, both far below their long-run historical averages.

The losses cap a three-month stretch shaped by persistent macro headwinds, leveraged position unwinding, and a weekend geopolitical shock that sent Bitcoin briefly below $64,000.

Bitcoin opened 2026 near $87,700 and has since shed roughly $20,000. The quarter's loss is exceeded only by Q1 2018's 49.7% collapse and Q1 2014's 37.42% decline - both periods of confirmed bear-market conditions.

The current result sits well below Bitcoin's historical Q1 average return of +45.9%, though that figure is heavily skewed by outlier years: Q1 2013 returned +539.9%, and Q1 2021 posted +103.2%. The historical Q1 median is a far more modest -2.26%.

Ether's Steeper Slide

Ether's 32.17% quarterly decline is its third-worst Q1 since 2016, trailing only the drawdowns recorded during the 2018 bear market and the 2022 rate-shock year.

The loss compares against Ether's historical Q1 average of +66.45% and a median return of just +4.37% - a divergence that illustrates how extreme the top and bottom years pull the average in either direction.