Fifty days into 2026, bitcoin is off to its worst start to a financial year on record, according to Checkonchain data. The asset is down 23% year to date, having fallen 10% in January and a further 15% in February.

Bitcoin has never previously recorded back-to-back declines in January and February, according to Coinglass data. While there have been double digit drops in January in years such as 2015, 2016 and 2018, each of those was followed by a positive February. If losses hold, bitcoin is also on track for 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 in, a benchmark that traders often use to gauge cyclical drawdowns. While bitcoin is currently at 0.77, underscoring the scale of the drawdown.

The weakness follows a 17% decline in 2025, a post election year. Historically, post election years have tended to outperform election years and have outperformed up years on aggregate, making the recent underperformance stand out further.

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Author: James Van Straten