Bitcoin is on track for a fourth straight month of losses, a pattern unseen since 2018.

Bitcoin Approaches Rare Fourth Straight Monthly Loss Ahead of January Options Expiry

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

The cryptocurrency recorded negative monthly closes in October, November, and December, marking a sharp correction from its October all-time high. Over that period, bitcoin has fallen roughly 36% from peak to trough.

Even during the 2022 bear market—when bitcoin tumbled from $69,000 to $15,000 amid broader market tightening and crypto-specific crises—the market never saw more than three consecutive losing months. This highlights the unusual nature of the current streak if January also ends in the red.

Despite weakness in spot prices, derivatives markets suggest some cautious optimism. Data from Deribit shows that options positioning points to modest upside interest as the month closes.

Bitcoin faces a major options expiry on Jan. 30, with total open interest around $8.5 billion on Deribit. The $100,000 call option carries the largest notional value, close to $900 million, signaling a significant group of traders betting on a rebound to six-figure levels. The max pain price—where the most options contracts expire worthless—is near $90,000, potentially acting as a magnet for price movement as the expiry approaches.

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