Bitcoin drops to lowest level since the day after Trump’s election win

So much for Trump’s bitcoin bump: the cryptocurrency dipped below $74,000 on Tuesday, its lowest level since Donald Trump won the 2024 US presidential election on November 6, and an over $50,000 drop from its all-time high on October 6, 2025. But following that peak, the asset ended October down, and bitcoin hasn’t ended a month in the green since.

Is this a correction or something… more chilling? We think Bitwise CIO Matt Hougan hit the nail on the head when he wrote, “This is not a ‘bull market correction’ or ‘a dip.’ It is a full-bore, 2022-like, Leonardo-DiCaprio-in-The-Revenant-style crypto winter.”

How did we get here? What happened to the “crypto president” taking us all to the moon?

Hougan posits it was “set into motion by factors ranging from excess leverage to widespread profit-taking by OGs.”

Bitfinex analysts said that the broader flows picture suggests a clear risk-off rotation, with investors reallocating toward cash and gold amid rising uncertainty. “In this environment, the lack of ETF absorption has amplified downside volatility, reinforcing the importance of institutional spot demand as a stabilizing force during periods of market stress,” they said.

Glassnode analysts agree, writing, “Overall, conditions have shifted into a clear risk-off regime across spot, derivatives, ETFs, and on-chain indicators.”

It’s not just bitcoin: the broader crypto ecosystem is suffering. The overall crypto market cap now stands at $2.6 trillion, but before the October 10 liquidation event, it had soared above $4 trillion.

The Takeaway

Bernstein analyst Gautam Chhugani sees a light at the end of a tunnel, but he warns it’ll likely get worse before it gets better. He anticipates a reversal most likely in the first half of 2026, after bitcoin bottoms out “around its last cycle highs ~60K range.” The good news for bitcoin bulls is that Chhugani predicts following that bottom, the asset will enter its “sovereign cycle,” while Ray Youssef, CEO of crypto app NoOnes, said earlier this week that bitcoin’s potential downside is in the $69,000 to $71,000 range, pointing to the crypto president’s decisions “in both domestic and foreign policy… acting as a key downside catalyst.”

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