ted kang
Crypto/Seasonality
Historical study / multiple

Bitcoin returns by purchase month

Retrospective 90-day price multiples, averaged by purchase month. These outcomes were not known on the purchase date.

12 groupsFull sampleHistory through: Sep 26, 2026
Source: Coin Metrics · CC BY-NC 4.0Calculations: Breakout Lab · Historical snapshot
Purchase month
Full historical sample
Retrieved Sep 27, 2026Charts by TradingView · CSV ↓

The historical record

Retrospective 90-day price multiples by purchase month. Blank cells are unavailable or unfinished.
YearJan (×)Feb (×)Mar (×)Apr (×)May (×)Jun (×)Jul (×)Aug (×)Sep (×)Oct (×)Nov (×)Dec (×)
20260.82×1.14×0.92×0.87×0.88×———————
20250.87×1.09×1.24×1.33×1.12×1.07×1.00×0.85×0.79×0.80×0.73×0.78×
20241.54×1.31×0.98×0.95×0.93×0.91×1.04×1.42×1.64×1.52×1.13×0.87×
20231.45×1.18×1.11×1.04×1.02×0.95×0.98×1.31×1.61×1.46×1.34×1.58×
20221.01×0.78×0.60×0.52×0.72×0.84×0.91×0.80×0.86×1.01×1.34×1.49×
20211.65×1.05×0.66×0.60×1.02×1.30×1.66×1.34×1.09×0.73×0.67×0.85×
20200.86×0.96×1.43×1.31×1.26×1.13×1.22×1.41×2.02×2.92×2.72×2.54×
20191.41×1.98×2.36×2.09×1.50×1.09×0.79×0.79×0.75×0.98×1.17×0.96×
20180.65×0.92×0.77×0.88×0.81×0.98×0.91×0.82×0.56×0.57×0.72×1.08×
20171.35×1.76×2.32×2.04×1.99×1.58×2.10×1.99×3.76×2.53×1.22×0.62×
20161.06×1.14×1.53×1.53×1.26×0.95×0.96×1.25×1.34×1.43×1.46×1.39×
20150.96×1.01×0.88×1.19×1.08×0.98×0.93×1.38×1.81×1.58×1.16×0.99×
20140.57×0.75×1.04×1.35×1.13×0.73×0.59×0.69×0.78×0.71×0.64×0.79×
20138.35×4.56×2.10×0.71×0.87×1.20×1.74×4.69×6.46×5.52×1.74×0.77×
20120.82×1.01×1.22×1.56×2.14×1.91×1.52×1.06×1.15×1.31×2.23×4.30×
20113.39×6.59×20.58×13.79×1.93×0.36×0.27×0.28×0.60×1.79×1.93×1.44×
2010———————3.99×3.87×3.55×3.49×3.55×