Bitcoin Faces First Back-to-Back Annual Losses in History, But There’s a Catch

Bitcoin is on course for a possible first in its 18-year history: two consecutive calendar years of losses. It fell 6.34% in 2025 and was down a further 15.65% in 2026 as of 10 November, making a year-end recovery above about $87,500 necessary to avoid the record.

The potential streak is milder than earlier crypto downturns: the combined calendar-year loss is about 21% after compounding, compared with falls of 73.56% in 2018 and 64.27% in 2022. However, Bitcoin’s drop from roughly $126,000 in October 2025 to below $58,000 in 2026 exceeded 50%. At about $73,850, it would need to rise around 18.5% to finish 2026 above its opening price; institutional investment, exchange-traded funds and deeper liquidity have been cited as possible reasons for comparatively smaller annual losses.