According to Flood, the Q1 update shows a significant decline in both long and short cryptocurrency holdings. The long bucket, with a 60/40 allocation, saw HYPE fall to $13.7, a drop of 47.9%, and BTC decreased to $85,500, a 9.6% reduction. Overall, the long bucket's weighted return was -32.58%. In the short bucket, ARB decreased to $0.324, ONDO to $0.83, TIA to $4.86, WLD to $0.773, and SEI to $0.1717, with the respective declines being 56.8%, 43.1%, 37.7%, 65.2%, and 59.1%. These results indicate challenging market conditions impacting both long and short positions.