Bitcoin has experienced its worst start to a year on record, falling 23% in the first 50 trading days of 2026. The cryptocurrency dropped 10% in January and an additional 15% in February, marking a potential first in history for two consecutive months of losses at the start of a year. On-chain data from Checkonchain indicates a significant pullback, with the current index reading at 0.77 compared to the typical 0.84 in declining years. This downturn follows a 17% decline in 2025 and contrasts with historical trends where post-U.S. presidential election years typically outperform. The continued weakness in Bitcoin's performance is notable given these historical patterns, raising concerns among investors and market analysts.