According to Golden Finance, the first quarter of 2025 was the worst quarter for Bitcoin in seven years. Despite large increases in corporate entities such as Strategy, Tether, and Metaplanet, Bitcoin's market value still shrank by at least 12% between January and March. CryptoQuant analysts believe that the market decline may be related to long-term holders' selling activity and ETF capital outflows. Long-term holders' BTC holdings decreased by about 178,000 BTC in the first quarter, offsetting the bullish momentum brought by corporate entities' increase. Bitcoin ETF withdrew at least $4.8 billion in funds in the first quarter. It remains to be seen whether BTC will end the second quarter with a positive trend.