Bitcoin is on pace to deliver its first-ever consecutive declines in January and February, marking its weakest opening stretch to a year on record.

Fifty days into 2026, bitcoin is down 23% year to date, according to data from Checkonchain. The cryptocurrency dropped 10% in January and has fallen another 15% in February so far, putting it on track for its poorest start to any financial year since records began.

Historical figures from Coinglass show that bitcoin has never previously logged back-to-back losses in the first two months of a calendar year. Even in difficult periods such as 2015, 2016, and 2018 — when January posted double-digit declines — February rebounded into positive territory. If current losses persist, this would mark bitcoin’s weakest consecutive monthly performance since 2022.

Checkonchain’s index metrics further highlight the scale of the downturn. In a typical bearish year, the average index reading stands at around 0.84 by day 50 — a benchmark traders use to measure cyclical drawdowns. Bitcoin currently sits at 0.77, underscoring the severity of the present pullback.

The sluggish start follows a 17% decline in 2025, a post-election year. Historically, post-election years have tended to outperform election years and, on aggregate, have delivered stronger returns than other up years. That historical pattern makes the continued underperformance in early 2026 stand out even more sharply.