According to CoinMeta, Bitcoin is facing its first consecutive two-year loss in history, with a decline of 6.34% in 2025 and another approximately 16% so far in 2026. Nevertheless, this combined loss of about 21% is much lower than the significant drops of 74% in 2018 and 64% in 2022. Bitcoin's peak in 2025 was around $126,000, and it fell to $58,000 in 2026, demonstrating the volatility of the market. Analysts point out that Bitcoin's base of institutional investors, spot trading, and deeper market liquidity may be the reasons why the current market cycle is different from previous ones.