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According to monthly return data from Coinglass, 2026 is currently on track to be unprecedentedly bearish for the leading cryptocurrency.
For the first time in its 17-year history, Bitcoin is on track to close both January and February in the red.
Of course, Bitcoin has endured "crypto winters" before, but it has never begun a calendar year with back-to-back monthly losses. Until now.
The "double red" anomaly
After starting the year on a high note by January 2026 and surging above $97,000, the leading cryptocurrency closed down 10.17%.
It ended up crashing to $60,000 in February, and it is still on track to log a 12.12% despite its partial recovery.
Historically, Bitcoin buyers have stepped in during February to arrest any January slides.
During the 2018 bear market, Bitcoin fell 25.41% in January but rebounded 0.47% in February.
In 2022, Bitcoin fell 16.68% in January but bounced 12.21% in February.
In 2015, Bitcoin fell 33.05% in January but surged 18.43% in February.
The looming March record
The bearish momentum has analysts eyeing a potentially historic milestone.
The market is currently enduring a relentless 5-month sell-off. If March 2026 closes in the negative, Bitcoin will set a new, unprecedented record of six consecutive red months, officially marking this the longest bearish streak in the asset's history.
Until now, the only other time Bitcoin dropped for five straight months was during the infamous 2018 crash.
Terrible underperformance
The unprecedented bearishness is being driven by a confluence of unique market forces that were absent in previous cycles.
Reports from 10x Research suggest that the crash from $90,000 to $60,000 was triggered by the forced liquidation of a major Hong Kong hedge fund.
The inability of the market to absorb this liquidity shock has kept prices suppressed throughout January and February.
Fear has also gripped the market regarding the solvency of major holders. As Bitcoin prices slipped below key support levels, Strategy was forced to publicly reassure investors that it could withstand a drop to $8,000 without defaulting on its debts. The fact that the world’s largest corporate holder is openly discussing "extreme downside" scenarios is not exactly reassuring.