Bitcoin Has Dumped All of Its Gains Since Trump Was Reelected—And Then Some
Summary
Bitcoin surged after Trump’s 2024 reelection as investors bet on a pro-crypto administration, boosted by spot ETF inflows and corporate treasury buying from firms like Strategy and Trump Media. It later hit a peak above $126,000 in October 2025, but a massive liquidation event, ETF outflows, macro uncertainty, and rising geopolitical risk helped reverse the rally. Capital also rotated from crypto into AI, according to Michael Saylor. Bitcoin then fell below $60,000, leaving it well under its election-day level and about 52% below its all-time high. Meanwhile, Trump-era crypto policy progress has been mixed: the GENIUS Act became law, but a Bitcoin reserve is advancing slowly and broader crypto legislation remains unfinished.
