Bitcoin Plunges 22% in Worst Q1 Performance in Eight Years

Bitcoin has experienced its worst first quarter in eight years, plummeting 22% from near $87,700 to current levels around $67,672.04.

This decline is largely attributed to macroeconomic headwinds, significant institutional ETF outflows, and Bitcoin's increasing correlation with traditional risk assets.

Despite the downturn, on-chain data shows strong whale accumulation and a derivatives market shifting towards protective structures, suggesting underlying structural resilience.

The current price reflects a market grappling with a renewed sense of caution, marked by five consecutive weeks of selling pressure, historically signaling deeper correctional phases.