Bitcoin Has Lost All Its Gains Since Trump’s Reelection—And Then Some

Want of Bitcoin following the 2024 election of President Donald Trump was named part of “Trump Trade”—A way to explain the high movement of crypto assets with Trump and the hopes of a better crypto-friendly administration and better policies.

Those who joined, did well – for a while.

But nearly two years later, crypto traders have found themselves right back where they started, with Bitcoin trading at a discount from its election day mark. It recently changed hands at $60,619—about 12.6% below its closing price of about $69,355 on November 5, 2024, the day the votes were cast.

The day before election day, BTC it closed at about $67,793according to data from CoinGecko. The next day, it rose to a new ones top $75,000and Analysts predicted the highest scores In the months that followed, they were finally proven right when President Trump was inaugurated again BTC hit more than $109,000 in January.

Insufficient demand for Bitcoin ETFs, which grew from around $37 billion in assets under management in January 2025 to more than $62 billion peaking in 2025, it helped push BTC further into the first year of Trump’s second term.

Growing up Digital Asset Treasury (DAT).courtesy of Michael Saylor’s The waythey also made billions of dollars on demand as publicly traded companies rushed to add Bitcoin to their balance sheets. These companies included Trump’s own Trump Media and Technology Group (DJT), which added $2 billion in BTC and Bitcoin related securities in JulyOnly a few months for the top crypto economy to reach the level of $ 126,080.

But Bitcoin could not continue the growth that occurred from November 2024 to October 2025. Just a few days after Bitcoin hit in October. was hit with a record $19 billion bankruptcy which started the rise of crypto markets, falling from the high of $121,000 to $106,000 during this period.

Bitcoin rebounded slightly, but remained weak as the year ended, falling to $88,000 as the calendar turned. In January 2026, institutional investors encouraged the weakness, pulling money from Bitcoin ETFs that grew slowly in 2025, raising more than $1.5 billion in outflows in January alone. according to data from Farside.

Following this, economic uncertainty and global risks from the Iran war began to rise in February and remain so. increasing the likelihood of price increases-not the reduction that investors had hoped for in the past, increasing interest rates on risky assets.

Although Strategy co-founded by Executive Chairman Michael Saylor, who previously told investors to “sell kidneys” before Bitcoin, relented at the end of May, sharing method is 32 BTC from the assets of his company about $ 2.5 million.

moving, telegraphed by Saylor but he seems to be hitting on ideas around the leading cryptocurrency, it led to a very important decline sent BTC below $60,000 Friday for the first time since 2024.

Although Saylor did not say whether his company had anything to do with the collapse, he did mention what he described as. “History” capital rotation from crypto and to AI—shown by more than $4 billion in ETFs exiting in less than a month—as the main reason why BTC has fallen.

As it stands, Bitcoin is sitting around 52% below its all-time mark as it changes hands on Saturday, leaving investors wondering about its short-term prospects—and whether Trump’s influence on the crypto market has waned.

Under Trump, who recently tweeted that he would “Don’t let crypto fall,” and The GENIUS Act was signed into law last year, giving clarity to the stablecoin launch. But a Bitcoin reserve is moving “on purpose”., and and the Clarity Act–A major piece of crypto legislation that the industry has pushed hard for – it’s still far from the finish line after passing a committee vote in May.