Bitcoin, Ethereum, and Solana: Q1 Results and Q2 Market Outlook | USAEMALL.com

Key Takeaways:

• Bitcoin ended Q1 2025 down nearly 12%, but analysts remain optimistic about long-term growth, with some forecasts pointing to $120K by mid-year.
• Ethereum posted one of its worst Q1 performances, down 45.5%, as falling fees and shifting user behavior raise questions about ETH’s evolving role in the ecosystem.
• Solana outperformed Ethereum in DeFi volume and revenue during Q1, but upcoming token unlocks and market dynamics could test its short-term momentum.

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The crypto market will remember the first quarter of 2025 for its sharp corrections, driven by the introduction of new U.S. tariffs and a wave of high-profile crypto scams. However, April brought a partial recovery.

Bitcoin (BTC) climbed back to the $90,000 level, helping many altcoins move out of the red. Solana (SOL) outperformed Ethereum (ETH), although analysts remain confident in Ethereum’s long-term potential.

In this Q1 2025 report, we look at how some of the market’s key players performed — and what might come next for Bitcoin, Ethereum, and Solana in Q2.

Bitcoin Price Predictions Suggest a Breakout Soon

Abbas Abdul Sater, Head of Sales at Capital.com, told Cryptonews that the current neutral environment could be setting the stage for a major move in Bitcoin’s price. Growing institutional interest and increasingly bullish forecasts may indicate that a breakout is near, potentially toward Standard Chartered’s $120,000 target.

“A neutral market environment often creates the perfect conditions for a big move,” Abdul Sater said. He added that ongoing tariff pressure and global trade tensions may further support broader BTC adoption in the medium term.

Historically, Q1 tends to be a strong period for Bitcoin. In 2024, it closed the first quarter up by nearly 69%, and in 2023, the figure was 72%. This year, however, Bitcoin fell by around 12% — a result that still looks modest compared to broader market losses. For reference, a similar correction happened in Q1 2020, when BTC dropped by about 11%.

Despite this, Bitcoin managed to bounce back by the end of April. On April 7, it dropped to $74,773 — the lowest point of the month and of the entire first quarter. However, by the end of the month, it had recovered above the $90,000 level.

According to Abdul Sater, the long-term outlook for Bitcoin remains positive, thanks to continued interest from institutional players:

Major financial institutions are bullish on Bitcoin’s future. Standard Chartered, for example, predicts the cryptocurrency could reach $120K by mid-2025. Meanwhile, BlackRock’s Bitcoin ETF saw nearly a billion dollars flow in just one day, and U.S.-based ETFs are now experiencing fresh inflows exceeding $590 million daily.

Still, he emphasized that the short-term picture is more complex:

Some ETFs are seeing new investments, whereas others are experiencing withdrawals — Grayscale’s GBTC, for example, has pulled out about $42.7 million. Investors seem to be exercising caution, opting to accumulate stablecoins. They’re waiting for clearer macroeconomic signals.

‘Ethereum Is Winning on Infrastructure’, But When Will the Price Recover?

Jonathan Inglis, Managing Director at Protocol Theory, told Cryptonews that Ethereum’s price no longer reflects the pace of its infrastructure development. However, the long-term outlook depends on whether ETH remains central to core functions. Whether that’s a short-term mispricing or a sign of a more fundamental decoupling will depend on “how ETH’s role evolves from here”:

It remains central to collateral, staking, and settlement across rollups, demand should follow usage over time. But if alternative assets begin to take on those roles, ETH’s long-term value proposition may need to be reassessed.

Inglis noted that the ecosystem is evolving rapidly, especially on Layer-2 networks such as Base, Arbitrum, and Optimism. These networks have seen a rise in consumer-facing activity in recent months.

He added that while usage metrics are growing, the price of ETH tells a more complicated story.

Unlike Bitcoin, Ethereum experienced one of its worst first quarters in 2025. ETH fell by nearly 45.5%. A similar outcome was seen in 2018, when the price dropped by almost 46%.

In all other cases, Ethereum has either shown growth or minor losses during the first quarter.

According to Inglis, one of the reasons for Ethereum’s price decline is the reduction in Layer-1 fees:

At the same time, staking rewards continue at a steady pace. As a result, net ETH issuance is positive for the first extended period since the Merge. That’s not inherently problematic—but it does shift expectations away from the deflationary narrative that once anchored bullish sentiment.

He also emphasized that Ethereum is becoming less visible in the user experience. Many consumer-facing apps now allow interaction with the ecosystem without directly holding ETH:

On most Layer-2s, users can transact using stablecoins or application tokens. ETH still plays a critical role behind the scenes—securing rollups, paying for data availability, and underpinning staking economics—but its presence at the UX layer is fading.

Eneko Knörr, founder of Stabolut, added that Ethereum continues to face negative sentiment. Its price remains well below previous highs. At the same time, its position as the leading Layer-1 network is being challenged.

Solana vs. Ethereum: Who’s the Boss in DEX?

According to Knörr, projects like Solana are regaining momentum. He believes that Solana is advancing not only through technology but also through effective branding and community engagement. In his words, “Solana nails branding, community, and events in a way Ethereum hasn’t matched,” and is now often referred to as “the Apple of crypto.”

The rivalry between Solana and Ethereum intensified in the first quarter of 2025. In January, Solana surged ahead of Ethereum in decentralized exchange (DEX) volume, largely driven by a wave of meme coin activity on its network.

However, in the following months, Solana’s DeFi volume dropped by more than 50%. Despite this, it managed to retain its lead over Ethereum, with the exception of March. At the same time, Ethereum’s own DEX volume declined as well, though less sharply.

Eneko Knörr believes part of Solana’s rise is due to Ethereum’s slower pace:

Part of Solana’s rise is simply that Ethereum hasn’t stepped up. Hopefully, upcoming upgrades will turn the tide. Personally, I’m still bullish on ETH—there’s so much doubt that it feels like one of those classic “buy when others are fearful” setups.

In terms of network revenue, Solana outperformed Ethereum in Q1. While Solana’s revenue fell by almost 20% compared to Q4 2024, Ethereum saw a decline of nearly 65%. For Solana, this performance helped solidify its position in the DEX space.

Kelghe D’Cruz, CEO of Pairs, explained to Cryptonews that Solana’s advantage stems in part from how market makers are using the network:

A lot of the volume we’re seeing on Solana right now is market makers taking advantage of cheaper costs. That’s always been part of the game—inflate volume, make the charts look good, and win retail attention. It’s not new, but it works. And with Ethereum bloated and slower to move, people are betting SOL can 2x quicker.

Although the market absorbed the supply with minimal disruption, D’Cruz warned that additional token unlocks may create short-term volatility.

“Two smaller scheduled unlocks are coming in May,” D’Cruz continued:

While they’re modest in size, they could still shift market dynamics. Overall outlook remains short-term bullish, but we’re monitoring those unlocks closely.

What to Expect in May: Key Catalysts for BTC, ETH, and SOL

After a volatile first quarter, Bitcoin is entering May with cautious optimism. The upcoming U.S. interest rate decision on May 7 could be a key catalyst for price movement. While BTC held above $90,000 at the end of April, analysts remain divided on whether a breakout or deeper correction comes next.

All eyes are on the Pectra upgrade, scheduled for May 7. While Ethereum continues to lead on infrastructure, the price has lagged behind network growth. The upgrade could reignite momentum — or highlight deeper questions about ETH’s role in a changing ecosystem.

Solana’s strong DeFi performance in Q1 may face a new test in May. Two scheduled token unlocks could introduce short-term selling pressure. Still, Solana continues to attract attention with fast execution, rising usage, and community momentum. Analysts remain short-term bullish, but watch market reactions closely.

The post Bitcoin, Ethereum, and Solana: Q1 Results and Q2 Market Outlook appeared first on Cryptonews.

https://cryptonews.com/reports/q1-2025-results-q2-outlook/