I just reviewed the first quarter data and Bitcoin really had a tough start this year. It dropped 23.21% in Q1, making it the fourth worst first quarter since 2013. Ethereum was even weaker with a decline of 33.73%, its third hardest Q1 since 2016. But what's interesting is what's happening now in the latest sessions.

Bitcoin is trading at $77,850 with a slight decrease of 0.24% in 24 hours, while Ethereum is at $2,320 with a drop of 0.46%. Despite recent red numbers, both assets show some stability after months of corrective pressure. What stands out is that in Bitcoin's history since 2013, we've seen much more severe corrections. In 2018, for example, Bitcoin fell 49.7% in Q1. 2014 and 2015 were also brutal with losses of 37.42% and 24.14%, respectively. Ethereum follows a similar pattern, with its worst Q1 in 2018 when it plummeted 46.61%.

What I find relevant is that both cryptocurrencies are still significantly below their all-time highs. Bitcoin hit $126,080 in October 2025 and is now roughly 38% lower. Ethereum reached $4,950 in August 2025 and is now almost 53% below. However, on-chain data shows that long-term investors have not given up. Exchange reserves are below the previous cycle's highs, suggesting that structural demand persists. Some institutional investors even continue to project bullish targets for Bitcoin, reinforcing the idea that this correction is more of a market adjustment than a collapse.