Bitcoin traded at $60,619 on Saturday, falling 12.6% below its November 5, 2024 closing price of around $69,355 and marking a decline below its Election Day level for the first time. The top cryptocurrency is now nearly 52% down from its all-time high. The downturn follows a $19 billion liquidation event after Bitcoin reached a high of $126,080 in October, more than $1.5 billion in Bitcoin ETF net outflows in January alone, and over $4 billion in ETF outflows in less than a month, according to data cited in the source. Strategy co-founder Michael Saylor attributed the decline to what he described as a "historical" capital rotation out of crypto and into AI, while macroeconomic uncertainty and geopolitical risks from the Iran War have increased the likelihood of rate hikes. Under President Trump's administration, the GENIUS Act was signed into law last year providing regulatory clarity for stablecoins, though the Bitcoin reserve is moving at a "deliberate" pace and the Clarity Act remains far from completion after passing a committee vote in May.
Bitcoin Surges to All-Time High Following Election Day
Bitcoin closed around $67,793 a day prior to November 5, 2024 election day, according to data from CoinGecko. The next day, it soared to a new all-time high above $75,000. Bitcoin ultimately hit even higher marks around $109,000 in January as President Trump was inaugurated for the second time. Insatiable demand from Bitcoin ETFs helped push BTC further throughout the first year of Trump's second term, with assets under management growing from around $37 billion in January 2025 to more than $62 billion at its peak in 2025. The growing digital asset treasury (DAT) trend, spurred by Michael Saylor's Strategy, created billions of dollars in demand as publicly traded firms added Bitcoin to their balance sheets. Trump Media and Technology Group (DJT) added $2 billion in BTC and Bitcoin-related securities in July, a few months before the top crypto asset ultimately reached a high point of $126,080.
Liquidation Event and ETF Outflows Drive Price Decline
Just days after Bitcoin hit its 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. In January 2026, institutional investors fueled the weakness, pulling funds from Bitcoin ETFs that had grown steadily throughout 2025, racking up more than $1.5 billion in net outflows in January alone, according to data from Farside. More than $4 billion in ETF outflows occurred in less than a month. Bitcoin fell below $60,000 on Friday for the first time since 2024.
Macroeconomic Uncertainty and Iran War Risks Persist
Macroeconomic uncertainty and geopolitical risks from the Iran War began to mount in February and still linger to present day, increasing the likelihood of rate hikes—not the cuts that investors had previously expected. 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 BTC has fallen. Saylor did not comment on whether his firm played a role in the downturn.
Strategy Sells 32 BTC After Years of Accumulation
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 treasury for about $2.5 million. 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. On February 28, 2025, Saylor posted: "Sell a kidney if you must, but keep the Bitcoin."
Trump Administration Signs GENIUS Act and Advances Crypto Policy
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.
FAQ
What price is Bitcoin trading at compared to Election Day 2024?
Bitcoin traded at $60,619 on Saturday, which is about 12.6% below its November 5, 2024 closing price of around $69,355. It recently changed hands below its Election Day level for the first time.
Why did Bitcoin fall from its all-time high?
Bitcoin fell following a $19 billion liquidation event after reaching $126,080 in October, more than $1.5 billion in Bitcoin ETF net outflows in January alone, and over $4 billion in ETF outflows in less than a month. Michael Saylor cited a "historical" capital rotation out of crypto and into AI as a key reason, while macroeconomic uncertainty and geopolitical risks from the Iran War increased the likelihood of rate hikes.
What crypto legislation has the Trump administration enacted?
The GENIUS Act was signed into law last year, providing regulatory clarity for stablecoin adoption. The Bitcoin reserve is moving at a "deliberate" pace, and the Clarity Act passed a committee vote in May but remains far from completion.
