Fifty days into 2026, bitcoin has had its worst start to a financial year on record, according to data from Checkonchain. The asset is down 23% so far this year, having fallen 10% in January and another 15% in February.
Bitcoin has never before recorded consecutive declines in January and February, according to data from Coinglass. While there have been double-digit declines in January in years like 2015, 2016 and 2018, each of them was followed by a positive February. If losses continue, bitcoin is also on track to post its weakest consecutive monthly performance since 2022.
Checkonchain data shows that in a typical down year, the average index reading is 0.84, 50 days later, a benchmark traders often use to measure cyclical declines. While bitcoin is currently at 0.77, underscoring the magnitude of the drop.
The weakness follows a 17% drop in 2025, a year after the election. Historically, post-election years have tended to outperform election years and have outperformed years as a whole, making the recent poor performance stand out even more.
