Golden Finance reported that the first quarter of 2025 is the worst performing quarter for Bitcoin in seven years. Despite significant accumulations by business entities such as Strategy, Tether, and Metaplanet, Bitcoin’s market capitalization still shrank by at least 12% from January to March.
CryptoQuant analysis suggests that the market decline may be related to the selling activities of long-term holders and ETF fund outflows. In the first quarter, long-term holders’ BTC holdings decreased by approximately 178,000 BTC, offsetting the bullish momentum brought by corporate entities increasing their holdings. Additionally, Bitcoin ETFs withdrew at least $4.8 billion in funds during the first quarter. It remains to be seen whether BTC will end the second quarter on a positive note.
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