Bitcoin (CRYPTO: BTC) fell 23.8% in Q1 2026, the worst first-quarter performance since 2018, despite U.S. spot Bitcoin ETFs recording $1.32 billion in net inflows during March after four consecutive months of outflows.
The Six-Month Slide
Bitcoin closed Q1 at $66,619 on Tuesday, down from $87,508 on January 1.
The quarterly drop represents the largest since Q1 2018, when Bitcoin fell 50% from $14,112 to $6,973.
The decline extends the 23% drop in Q4 2025, when Bitcoin slipped to $87,508 from $114,057.
Andri Fauzan Adziima, Research Lead at Bitrue, said Bitcoin’s first-quarter decline stemmed primarily from ETF outflows, coupled with sticky inflation, a cautious Fed, and broader risk-off sentiment across markets.
According to SoSoValue data, spot Bitcoin ETFs saw $496.5 million in net outflows during Q1, with $1.8 billion in outflows during January and February partially offset by $1.32 billion in March inflows.
The March Reversal
March marked Bitcoin’s first positive monthly candle in …