Michael Saylor · Donald Trump · Bitcoin · Bitcoin ETF · Strategy · Decrypt
Bitcoin Has Dumped All of Its Gains Since Trump Was Reelected—And Then Some
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Demand for Bitcoin in the wake of the 2024 reelection of President Donald Trump was dubbed part of the “Trump Trade ”—a way to describe the top crypto asset’s alignment with Trump and expectations of a more crypto-friendly administration and favorable policies.
Key facts
- Insatiable demand from Bitcoin ETFs, which grew from around $37 billion in assets under management in January 2025 to more than $62 billion at its peak in 2025, helped push BTC even further
- Even Strategy co-founder and Executive Chairman Michael Saylor, who previously told investors to “sell a kidney” before Bitcoin, relented at the end of May, parting ways with 32 BTC from his firm's
- The move, telegraphed by Saylor but still seen as a hit to perceptions around the leading cryptocurrency, preceded an even more significant drawdown that sent BTC below $60,000 on Friday
- But Bitcoin has not been able to maintain the enormous surge of momentum that carried it from November 2024 to October 2025
Summary
Bitcoin is now trading below its 2024 Election Day mark as it continues its slide this week. The top crypto asset briefly traded below $60,000 for the first time since 2024, and is now nearly 52% off its all-time high. Trump said recently that he'll "never let crypto down," but his markets influence appears to have waned. Those who tagged along, made out well—for a time.