Bitcoin just had its worst Q1 performance since 2018, dropping 24% in the first three months of the

Bitcoin Posts Worst Quarter Since 2018, Drops 23.8% in Q1

Bitcoin just wrapped up its worst quarter in eight years. The cryptocurrency fell 23.8% in the first quarter of 2026—the biggest drop since Q1 2018, when it tumbled 50%. It's now been down for two straight quarters, with a cumulative loss of about 41.6% over the past six months.

Andri Fauzan Adziima, head of research at Bitrue, pointed to several factors behind the slide: ETF outflows, sticky inflation, the Fed's cautious stance, and risk-off sentiment tied to Middle East tensions. US spot bitcoin ETFs saw net outflows of $496.5 million in Q1. That includes $1.8 billion in outflows during the first two months, partially offset by $1.32 billion in inflows in March.

Min Jung, a research associate at Presto Research, said the long-term institutional trend hasn't broken. The pullback, she argued, looks more cyclical than structural. Nick Ruck, director of research at LVRG, said a turnaround in Q2 would need ETF inflows to return, clear progress on US crypto-friendly regulation, and a shift toward looser monetary policy. Bitcoin was trading around $69,100.