Bitcoin Just Had Its 4th-best Quarter Ever — A ‘Good Omen’ For 2023

Bitcoin performed very well in the first quarter of 2023, which usually converts to gains over the entire year


WindAwake/Shutterstock, modified by Blockworks


Bitcoin has broken from a tight three-week range to clear $30,000 for the first time in 10 months.

BTC is now up more than 80% this year, having climbed from around $16,500 on Jan. 1 to  $30,100 as of 3 am, ET.

Crypto-focused financial services firm NYDIG found this year’s first quarter was Bitcoin’s fourth-best on record.

While past performance is not indicative of future results, a positive first quarter has been a “good omen” for bitcoin for the rest of the year, per NYDIG.

“Bitcoin has never had a down year after a positive first quarter and some of its best first quarters, like in 2011 and 2013, led to massive full-year returns,” the firm said.

Bitcoin has outperformed benchmark indexes across equities and commodities year to date — the S&P 500 is up 7.5%, the tech-heavy Nasdaq 100 has gained 20% while the GSCI is about flat.

Meanwhile, open interest for bitcoin futures is close to $12.9 billion, up 42% over the past month.

Bitcoin and ether are still catching up major benchmarks over the past year

Still, outsized gains mirroring 2011’s 1,426% appreciation and 2013’s 5,428% jump are “unlikely” to happen again, NYDIG said.

James Lavish, managing partner at the Bitcoin Opportunity Fund, told Blockworks that recent performance appears to be correlated with macroeconomic developments in the US.

“I think the reason for bitcoin’s price move today are traders speculating that this week’s CPI number could come in at a level that gives the Federal Reserve reason to think about pausing raising rates in the next meeting.”

It comes as the percentage of bitcoin holders in unrealized profit hit its highest point in almost a year, according to Glassnode.

Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.

Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.


upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

Sequencers: The Key to The Rollup Investment Thesis


Sequencers are one of the most explicit mechanisms in crypto for creating sustainable DAO-controlled revenue.



The SEC takes on the two biggest players in crypto within 24 hours


The SEC just sued Binance over alleged securities violations — now, the agency is coming for top US crypto exchange Coinbase


Binance’s ability to handle large outflows is once again tested as the market reckons with a fresh set of SEC allegations


Cboe Digital has CFTC permission to provide clearing services for margin trade on crypto futures at a time when regulators are closing in


The former part owner of the Minnesota Vikings misled a number of banks to process hundreds of millions of dollars of illicit crypto transactions


“We do not want to be regulated ever,” the SEC quotes an unnamed Binance CCO in lawsuit