ETH Records First-Ever Negative Q1 in 2025 with Three-Month Downtrend

According to data from Coinglass on March 24, Ethereum has experienced its most disappointing start to a year since comprehensive records began in 2017. The second-largest cryptocurrency by market capitalization has posted negative returns for three consecutive months in the first quarter of 2025:

• January: -1.28% (historical average: +20.63%, median: +31.92%)

• February: -31.95% (historical average: +11.68%, median: +8.78%)

• March: -10.16% (historical average: +19.55%, median: +9.96%)

This marks the first time in Ethereum's recorded history that it has delivered negative returns across all three months of a first quarter. The unprecedented downturn stands in stark contrast to Ethereum's typically strong performance during this period.

Historical Context: Q1 Performance Across Previous Years

Comparing 2025's dismal first quarter to previous years highlights just how anomalous the current performance is:

• 2024: Two positive months, one negative (-0.13%, +46.28%, +9.33%)

• 2023: Entirely positive quarter (+32.44%, +1.26%, +13.46%)

• 2022: Two positive months, one negative (-26.89%, +8.78%, +12.2%)

• 2021: Entirely positive quarter (+78.51%, +8.41%, +34.74%)

The deviation from historical norms is particularly significant when considering that Q1 has traditionally been a period of growth for Ethereum, with the asset often posting double-digit percentage gains during these months.

The sustained negative performance over three consecutive months raises questions about market sentiment toward Ethereum and potential macroeconomic or cryptocurrency-specific factors influencing its price trajectory in early 2025.