Bitcoin has completely wiped out all gains made since President Donald Trump's reelection in November 2024, now trading at roughly $60,619-about 12.6% below its closing price of $69,355 on Election Day. The flagship cryptocurrency briefly dipped below $60,000 for the first time since 2024, marking a nearly 52% decline from its all-time high of $126,080 reached in October 2025.
The so-called 'Trump Trade' drove Bitcoin from around $67,793 the day before the election to a new record above $75,000 on November 5, 2024. Analysts were proven correct as the rally continued, pushing BTC to nearly $109,000 by Inauguration Day in January 2025 and eventually to its peak in October 2025. The surge was fueled by explosive demand from Bitcoin ETFs-growing from $37 billion in assets under management in January 2025 to over $62 billion at their peak-and the corporate digital asset treasury trend pioneered by Michael Saylor's Strategy, which saw firms like Trump Media and Technology Group add $2 billion in BTC.
However, momentum stalled after a record $19 billion liquidation spree in October 2025 triggered a sharp decline from above $121,000 to $106,000. Continued weakness through the end of 2025 brought Bitcoin to around $88,000. In January 2026, institutional investors pulled over $1.5 billion from Bitcoin ETFs. Geopolitical risks from the Iran War and macroeconomic uncertainty have further pressured risk assets. Even Strategy's Michael Saylor sold 32 BTC for $2.5 million in late May, a move seen as symbolic. Saylor attributed the downturn to a 'historical' capital rotation out of crypto and into AI, citing over $4 billion in ETF outflows in less than a month.
While Trump has signed the GENIUS Act into law for stablecoin regulation and promised never to let crypto down, broader regulatory efforts like the Clarity Act remain stalled.