Binance Research's latest cycle analysis covers U.S. midterm election years going back to 1939 for equities and across all three Bitcoin midterm cycles on record.
The past few weeks handed crypto markets a blunt reality check. Bitcoin shed significant ground, leverage got flushed out of the system, and yet the on-chain picture tells a story that contradicts the panic.
Bitcoin closed February 2026 with one of the weakest performances in its history, marking the third worst February on record.
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