The leading cryptocurrency fell below $93,714 on Sunday, wiping out more than 30% gains accumulated since the start of the year as enthusiasm over Trump administration's pro-crypto stance fades.
Bitcoin has erased its entire year-to-date gain after falling below $93,714 on November 16, 2025, just over a month after reaching an all-time high of $126,251 in early October. The cryptocurrency had registered more than 30% gains since the start of 2025, but those gains have now been completely eliminated as the market enters bear territory. The decline comes as initial excitement over President Donald Trump's pro-crypto stance has faded, with market sentiment turning increasingly negative. Bitcoin opened 2025 at $93,463 and briefly reached $109,000 in January before experiencing significant volatility. Heavy outflows from spot Bitcoin exchange-traded funds (ETFs), with nearly $870 million withdrawn in a single session, combined with long-term holders selling approximately 815,000 BTC (worth about $79 billion) over 30 days, have contributed to the downturn. The Fear and Greed Index has dropped to extreme fear levels at 10, reflecting deep market anxiety as Bitcoin trades more than 25% below its October peak.