Digital Assets: Quarterly Review and Outlook Q1

Digital assets struggled in Q1 2026, driven down by tight macro, geopolitical uncertainty, and weak institutional flows. Our report examines what went wrong, what went right, and what's next – including the growing institutional appetite for crypto.

April 9, 2026

Report Summary

The CoinDesk 20 Index declined 27.4% to 1,952, while bitcoin fell 22.1% to $68,228; its second-largest quarterly decline since Q2 2022.
Among U.S. spot bitcoin ETFs, net outflows of $1.81B across January and February erased much of the institutional demand built during the prior year.
Looking ahead to Q2 2026, market direction will largely be shaped by two key macro variables: the trajectory of geopolitical tensions in the Middle East and the corresponding response from central banks, particularly the Federal Reserve.

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