Bitcoin Heads for First Back-to-Back Annual Losses, Down 21%

Bitcoin is on course for its first back-to-back annual losses in its 18-year history, according to Decrypt. The cryptocurrency fell 6.34% in 2025 and has lost another 15.65% so far in 2026, trading around $73,850 on November 10. Unless it closes above its 2026 opening price of roughly $87,500 by December 31, it will finish two consecutive calendar years in the red for the first time.

A milder streak than past bear markets

Every previous negative calendar year in Bitcoin's history has been followed by a positive one. Even the 2018 and 2022 bear markets, declines of 73.56% and 64.27% according to Decrypt, failed to produce consecutive annual losses.

The current streak is far shallower. Combined, the 2025 and 2026 declines come to roughly 21% after accounting for compounding, a fraction of the losses investors endured in previous crypto winters even as the run of negative years grows longer. Bitcoin's 2024 performance adds perspective: the cryptocurrency surged more than 120% that year, meaning investors who bought at the beginning of 2024 would still be sitting on substantial gains despite the subsequent decline.

Losses look deeper from the peak

Measured from the market's actual high rather than calendar-year boundaries, the picture changes considerably. Bitcoin reached approximately $126,000 in October 2025 before crashing below $58,000 during 2026, a decline exceeding 50% and a significantly more painful move than the roughly 21% combined loss reflected in the two annual candles.

Analysts cited by Decrypt point to Bitcoin's increasingly institutional investor base, spot exchange-traded funds and deeper market liquidity as potential explanations for its comparatively smaller bear-market drawdowns. Those structural changes may help explain why the current cycle looks different from previous ones, though they have not eliminated major price crashes.

Rebounds have followed prior down years

Bitcoin has already demonstrated that a bad year does not necessarily translate into a prolonged downturn. It gained roughly 92% in 2019 following its 2018 collapse and surged more than 155% in 2023 after its 2022 performance.

At its November 10 price of approximately $73,850, Bitcoin would need to gain about 18.5% to recover its 2026 opening price and finish the year in positive territory. Decrypt counts 50 days left in 2026. A third consecutive decline in 2027 would extend the streak further, but that scenario remains hypothetical.

Key facts

• Bitcoin fell 6.34% in 2025 and is down 15.65% so far in 2026, trading near $73,850 on November 10.
• It must close above its 2026 opening price of roughly $87,500 by December 31 to avoid two straight losing years.
• The combined 2025-2026 decline is about 21%, versus 73.56% in 2018 and 64.27% in 2022.
• Bitcoin peaked near $126,000 in October 2025 and fell below $58,000 during 2026, a drop exceeding 50%.
• Bitcoin gained roughly 92% in 2019 and more than 155% in 2023 after prior annual losses.