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State of Bitcoin Q1 2025

Apr 30, 2025 ⋅  17 min read

Bitcoin entered 2025 with momentum but faced a correction in Q1, driven by broader macro headwinds and risk-off sentiment. Despite reaching a new all-time high in January, BTC closed the quarter down 12% as geopolitical developments, including new U.S. tariffs, impacted risk assets across the board. Yet, structural support for Bitcoin remains strong. ETF inflows persisted, institutional holdings grew, and the U.S. government’s launch of a Strategic Bitcoin Reserve marked a notable shift in Bitcoin’s role as a sovereign asset.
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AJC is a Research Manager at Messari for the Enterprise team. His primary focuses are on Bitcoin and DeFi. Prior to joining Messari, AJC wrote an independent crypto blog. A recent university graduate, AJC majored in Finance and History.

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About the author

AJC is a Research Manager at Messari for the Enterprise team. His primary focuses are on Bitcoin and DeFi. Prior to joining Messari, AJC wrote an independent crypto blog. A recent university graduate, AJC majored in Finance and History.

Mentioned in this report