WORLDTECHBitcoin Heads for First Back-to-Back Annual Losses, Yet Declines Are Milder
Bitcoin is on course for its first two consecutive years of losses since its creation, according to a report from Decrypt. The decline so far is far shallower than the crashes that marked earlier downturns, though the cryptocurrency has fallen much further from its 2025 peak.
Two weak years, not two deep crashes
Bitcoin finished 2025 down 6.34% and has lost a further 15.65% so far in 2026, trading around $73,850 on November 10. Taken together, the two calendar years leave the cryptocurrency down roughly 21% once compounding is accounted for.
Decrypt notes that this would be the first pair of consecutive negative years in an 18-year price history. Earlier bear markets, however, were far more punishing: Bitcoin fell 73.56% in 2018 and 64.27% in 2022, wiping out most holdings in each of those years.
Context from the 2024 rally
The current slide follows a strong run. Bitcoin rose more than 120% in 2024, so investors who bought at the start of that year would still hold substantial gains despite the losses since.
The peak tells a harsher story
Measured from its 2025 peak rather than from calendar-year boundaries, Bitcoin's decline looks considerably worse than the annual figures suggest. The calendar-year view, according to the report, understates how far the price has fallen from its highs.
Open questions
- Will Bitcoin finish 2026 below its 2025 closing level?
- How far below its 2025 peak will the price stand at year end?