Bitcoin could record four months of losses in a row, something not seen since 2018.

Bitcoin Faces Rare Fourth Consecutive Monthly Loss as January Options Expiry Nears

Bitcoin is on track for a fourth straight monthly decline, a streak not seen since 2018–2019, when the market endured six consecutive losing months. With one week left in January, the cryptocurrency trades near $87,000, slightly down for the month.

The digital asset closed October, November, and December in negative territory, reflecting a roughly 36% drop from its October all-time high. Even the 2022 bear market, when bitcoin fell from $69,000 to $15,000 amid market tightening and crypto-specific failures, never produced more than three consecutive losing months—highlighting how unusual the current streak would be if January ends lower.

Despite weakness in spot markets, derivatives suggest cautious optimism. According to Deribit, options positioning points to modest upside interest through month-end.

Bitcoin faces a key options expiry on Jan. 30, with total open interest near $8.5 billion on Deribit. The $100,000 call option has the highest notional value—around $900 million—indicating traders are betting on a rebound toward six-figure levels. The max pain price, or the level where most options expire worthless, sits near $90,000, potentially influencing price action as the expiry approaches.