Bitcoin is now trading at $60,619, approximately 12.6% below its closing price of around $69,355 on November 5, 2024, marking a reversal of gains accumulated since President Donald Trump's reelection. The top cryptocurrency briefly traded below $60,000 on Friday for the first time since 2024 and currently sits nearly 52% down from its all-time high of $126,080 reached in October 2025. The decline follows macroeconomic uncertainty, geopolitical risks from the Iran War, and more than $4 billion in cryptocurrency ETF outflows in less than a month, according to Michael Saylor's assessment of capital rotation out of crypto and into AI. The downturn contrasts with initial expectations of a crypto-friendly Trump administration that drove the so-called Trump Trade phenomenon following the 2024 election.
Bitcoin Price Falls Below 2024 Election Day Levels
Bitcoin closed at around $67,793 on the day prior to election day, according to data from CoinGecko. On November 5, 2024, it closed around $69,355. The next day, it soared to a new all-time high above $75,000. Bitcoin ultimately reached even higher marks around $109,000 in January during President Trump's second inauguration, before hitting $126,080 in October 2025.
Just days after Bitcoin hit that October high, it fell victim to a $19 billion record-breaking liquidation spree, falling from above $121,000 to $106,000 in the process. Bitcoin briefly rebounded but maintained weakness as the year concluded, falling further to around $88,000 as the calendar turned.
Institutional Investors Pull Funds from Bitcoin ETFs in January 2026
In January 2026, institutional investors pulled funds from Bitcoin ETFs, racking up more than $1.5 billion in net outflows in January alone, according to data from Farside. Bitcoin ETFs had grown from around $37 billion in assets under management in January 2025 to more than $62 billion at their peak in 2025.
Michael Saylor cited what he described as a historical capital rotation out of crypto and into AI, evidenced by more than $4 billion in ETF outflows in less than a month, as a key reason that Bitcoin has fallen.
Strategy Sells 32 BTC in Late May 2026
Strategy co-founder and Executive Chairman Michael Saylor parted ways with 32 BTC from his firm's treasury for about $2.5 million at the end of May. Saylor had previously posted on February 28, 2025, stating "Sell a kidney if you must, but keep the Bitcoin."
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 Bitcoin below $60,000 on Friday for the first time since 2024.
Trump Administration Signs GENIUS Act into Law
Under Trump, who recently posted that he would "never let crypto down," the GENIUS Act was signed into law last year, providing regulatory clarity for stablecoin adoption. The Bitcoin reserve is moving at a "deliberate" pace. The Clarity Act, a wider-ranging piece of crypto regulation that the industry has aggressively pushed for, still remains far from the finish line after passing a committee vote in May.
The growing digital asset treasury trend, spurred by Michael Saylor's Strategy, created billions of dollars in demand as publicly traded firms raced to add Bitcoin to their balance sheets. Those firms included Trump's own Trump Media and Technology Group, which added $2 billion in Bitcoin and Bitcoin-related securities in July, just a few months before the top crypto asset ultimately reached its high point of $126,080.
FAQ
What is Bitcoin's current price compared to November 5, 2024?
Bitcoin is trading at $60,619, approximately 12.6% below its closing price of around $69,355 on November 5, 2024, the day ballots were cast in the 2024 election.
How much did Bitcoin ETFs lose in outflows in January 2026?
Bitcoin ETFs racked up more than $1.5 billion in net outflows in January 2026 alone, according to data from Farside. Michael Saylor cited more than $4 billion in ETF outflows in less than a month as evidence of capital rotation out of crypto and into AI.
What crypto legislation did Trump sign into law?
Under Trump, the GENIUS Act was signed into law last year, providing regulatory clarity for stablecoin adoption. The Clarity Act, a wider-ranging piece of crypto regulation, still remains far from the finish line after passing a committee vote in May.
