BTC's first quarter performance was slightly worse than last year, which was also in the red.

ETH's first quarter also underperformed, but nowhere near as bad as last year's opening.
Last year ETH's opening was brutal, declining 45%. However, just 6 months later it reached an all-time high.
This perfectly illustrates how volatile the market has been over the past 1-2 years.
It seems to be random 1-2 quarters of gains, then a complete pullback in the opposite direction.

SOL's Tokenomics

SOL's economic model is quite similar to ETH—essentially minting on one side while burning on the other.
Minting is primarily used to reward stakers and validators to secure the network. The initial inflation was 8%, declining year-over-year, now at around 4.7%, with a long-term target of 1.5%.
Deflation comes from transaction fees, where a portion gets burned, effectively continuously reducing circulating supply.
Overall it's about printing on one side and collecting on the other, seeing which one is stronger.
Another noteworthy point is that although SOL has been live for many years, there's still a portion of tokens not fully released in the market, mainly from the FTX lockup from back then. FTX was heavily positioned in SOL previously, but after bankruptcy and liquidation, the court required these coins to be released to pay off debts.
The current approach is selling them in batches to institutions while setting unlock timelines, so these chips will continue to have an impact on the market in the future.