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

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.

Ether's higher beta relative to Bitcoin means it tends to amplify both upside and downside moves during risk-off periods, a pattern consistent with what played out this quarter.

What Drove the Quarter

The losses accumulated gradually through January and February before Saturday's US-Israeli strikes on Iran delivered the sharpest single-session drop - roughly 6.5% for Bitcoin and 9% for Ether - within hours of the first headlines.

Bitcoin registered its first back-to-back red January and February on record entering this month.

CryptoQuant data showed CME Bitcoin futures open interest fell 47% from its 2025 peak during the quarter, pointing to sustained deleveraging rather than a single liquidation event.

Sunday's partial recovery - Bitcoin back above $66,800, Ether reclaiming $1,994 - narrows the quarter's final losses but does not change the historical ranking with Q1 closing today.

Kostiantyn Tsentsura is a Content Writer at Yellow.com with over 8 years of experience in crypto, dedicating the last 4 years to writing about the industry. Based in Kyiv, he’s passionate about football, fishing, and kayaking. When he’s not tracking market trends or exploring crypto news, you’ll find him on the water—because even in crypto, sometimes it’s best to just go with the flow.