Bitcoin Has Dumped All of Its Gains Since Trump Was Reelected—And Then Some
Bitcoin has fallen below its 2024 Election Day level, erasing the post-Trump rally and briefly slipping under $60,000.
Intelligence analysis by GPT-5.4 Mini
Decrypt says Bitcoin's post-2024-election “Trump Trade” has fully unwound. ETF outflows, a large liquidation wave, macro uncertainty, and a symbolic Saylor BTC sale helped push BTC below its election-day price and near a 52% drawdown from its peak.
Bitcoin got a big boost when people thought a new president would be good for it, like a kite catching strong wind. Then the wind got weaker, and the kite fell back down below where it started.
Analysis
What happened
Bitcoin has fallen back below its Nov. 5, 2024 Election Day price, undoing the gains that followed Donald Trump’s reelection. Decrypt says BTC recently changed hands around $60,619, roughly 12.6% below its election-day close of about $69,355.
The article frames that rise-and-fall as the end of the market’s so-called “Trump Trade”: investors bought Bitcoin on expectations that Trump would bring a more crypto-friendly policy environment. That bet worked for a while. BTC moved higher after the election, later reached new highs in 2025, and eventually topped out around $126,080.
Why the rally faded
Decrypt points to several pressure points that helped reverse the move. A huge liquidation wave in October began a broader crypto selloff. Later, Bitcoin ETF demand weakened, with more than $1.5 billion in net outflows in January 2026 alone, according to Farside data cited by the article. The piece also says macro uncertainty and geopolitical risk from the Iran War added to the pressure by raising the odds of rate hikes instead of cuts.
The article also notes a symbolic hit to sentiment: Strategy co-founder Michael Saylor, who had long urged believers to hold Bitcoin aggressively, sold 32 BTC from his firm’s treasury at the end of May. Decrypt says that came alongside a broader rotation out of crypto and into AI, which Saylor described as “historical.”
By the time the article was published on June 6, 2026, Bitcoin was nearly 52% below its all-time high and trading under $60,000 for the first time since 2024. Decrypt says that leaves traders questioning both the near-term setup and whether Trump’s influence on crypto markets still has the same force it once did.
Key points
- Bitcoin fell below its 2024 Election Day level, erasing the gains from the post-Trump rally.
- Decrypt says BTC briefly traded under $60,000 and is now nearly 52% below its all-time high.
- ETF outflows, a major liquidation event, and macro/geopolitical uncertainty helped drive the decline.
- Michael Saylor's partial BTC sale and a broader rotation into AI also weighed on sentiment.
- The article says Trump's crypto influence appears to have weakened even as some policy measures remain unfinished.
If the policy backdrop keeps improving, the article suggests Bitcoin could benefit from clearer rules and renewed confidence. The GENIUS Act is already law, and the long-promised Bitcoin reserve and Clarity Act still give the market something to hope for. A return of ETF demand or corporate buying could also help rebuild support.
The downside is that the forces hurting Bitcoin may persist: ETF outflows, macro uncertainty, and geopolitical stress. If traders keep unwinding risk and the hoped-for policy boost does not arrive quickly, BTC could remain under pressure and the post-election rally may stay fully reversed.
