 ▲ Bitcoin (BTC) crash / Gemini-generated image |
Bitcoin (BTC) has entered an unprecedented bear market after recording consecutive declines in January and February for the first time in its 17-year history, heightening investor anxiety.
According to crypto media outlet U.Today on February 17 (local time), Bitcoin has shown a historic “Double Red” anomaly at the start of 2026. Monthly return data from digital asset analytics platform Coinglass indicates that this is the first time in 17 years since the asset’s launch that Bitcoin has closed both January and February in negative territory. Even during past crypto downturns, the traditional recovery pattern—where February would offset January’s losses—had held firm, but this formula has now been broken.
Bitcoin began January on a strong note, surpassing a peak of $97,000, but ultimately finished the month down 10.17%. In February, it plunged to as low as $60,000 before showing some recovery, yet it still remains down 12.12% for the month. During the bear markets of 2018 and 2022, sharp declines in January were followed by modest rebounds in February. This year, however, the unusual streak of consecutive losses continues.
The market’s attention is now turning to March. Bitcoin is currently enduring five consecutive months of price declines, reflecting intense selling pressure. If March also closes in negative territory, it would set an unwelcome new record of six straight months of losses—the longest in the asset’s history. Previously, the longest losing streak was five consecutive months during the 2018 crash.
Behind this unprecedented weakness are unique market pressures not seen in previous cycles. Crypto analytics firm 10x Research pointed to the forced liquidation of a major Hong Kong hedge fund as the key trigger behind the sharp drop from $90,000 to $60,000. The analysis suggests that the market has struggled to absorb this liquidity shock, resulting in sustained price suppression throughout January and February. In addition, fears over the financial health of major institutions are dominating sentiment and adding to the downward pressure.
Strategy, the largest corporate holder of Bitcoin, recently sought to reassure investors by officially stating that it could withstand a drop to $8,000 without defaulting on its debt. However, the mere fact that the world’s largest corporate holder directly mentioned an “extreme downturn” scenario has itself become a source of unease in the market. Experts are closely watching whether Bitcoin can overcome the short-term liquidity crisis and break free from its historic bearish trend.
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