{"id":518774,"date":"2026-02-07T20:05:46","date_gmt":"2026-02-07T20:05:46","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=518774"},"modified":"2026-02-07T21:18:37","modified_gmt":"2026-02-07T21:18:37","slug":"trumps-crypto-rally-fizzles-as-2-trillion-market-gains-vanish","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/trumps-crypto-rally-fizzles-as-2-trillion-market-gains-vanish\/","title":{"rendered":"Trump’s crypto “golden age” throws away $2 trillion in profits, leaving those holding dollars as winners"},"content":{"rendered":"

The crypto market that surged on Donald Trump\u2019s<\/a> campaign promise of a friendlier US posture is now back near where it started, after an 18-month round trip that added close to $2 trillion in value and then erased roughly the same amount.<\/p>\n

Data compiled by CryptoSlate<\/em> put the total crypto market value at about $2.4 trillion in October 2024, weeks before the US election.<\/p>\n

By November 2024, the market had pushed toward $3.2 trillion as traders priced in a \u201cpolicy premium,\u201d the expectation that a pro-crypto White House would mean lighter enforcement pressure, clearer rules, and broader access for both retail and institutional investors.<\/p>\n

By early October 2025, the market peaked at $4.379 trillion.<\/p>\n

As of press time, CryptoSlate's<\/em> market cap page showed the global market at about $2.37 trillion after a steep selloff.<\/p>\n

Bitcoin<\/a>, the sector\u2019s bellwether, briefly fell to around $60,000 this week before recovering to about $65,894. Ethereum<\/a>, the second-largest crypto asset, traded near $1,921 after sliding close to $1,752 earlier in the week.<\/p>\n

A pro-crypto pivot in the office<\/h2>\n

After Trump took office, the administration moved quickly to signal a reset, but those steps proved to be a shift in tone, not an instant fix.<\/p>\n

In late January 2025, Trump ordered the creation of a cryptocurrency working group to draft a regulatory framework for digital assets and to evaluate a potential national digital asset stockpile<\/a>.<\/p>\n

The order also targeted a US central bank digital currency,<\/a> reflecting early emphasis on limiting federal involvement in retail digital money while expanding room for private-sector tokens.<\/p>\n

Banking policy also moved. The Securities and Exchange Commission (SEC) rescinded Staff Accounting Bulletin 121<\/a>, guidance that the crypto and banking industries had argued raised the cost of custodying customer crypto assets.<\/p>\n

In March 2025, the Office of the Comptroller of the Currency (OCC) issued Interpretive Letter 1183, reaffirming that national banks may provide crypto-asset custody<\/a>.<\/p>\n

This allowed these institutions to participate in certain stablecoin activities and engage with distributed ledger networks, removing a prior requirement for supervisory nonobjection before proceeding.<\/p>\n

At the same time, the Federal Deposit Insurance Corporation (FDIC) rescinded a 2022 notification requirement for FDIC-supervised institutions and clarified that banks may engage in permissible crypto-related activities without prior FDIC approval.<\/p>\n

By April 2025, the Federal Reserve withdrew certain guidance on bank crypto-asset and dollar token activities, including rescinding a 2023 supervisory letter that established a nonobjection process for such activities.<\/p>\n

Notably, the FDIC and the Fed also withdrew two joint statements on banking organizations\u2019 crypto-asset-related activities.<\/a><\/p>\n

Meanwhile, a central legislative milestone arrived with stablecoins, the dollar-pegged tokens used widely as settlement rails across crypto markets.<\/p>\n

Congress passed, and Trump signed into law, the Guiding and Establishing National Innovation for US Stablecoins Act (the GENIUS Act<\/a>) on July 18, 2025.<\/p>\n

The law established a federal regulatory framework for payment stablecoins, defined categories of permitted issuers, and set requirements and oversight for stablecoin issuance.<\/p>\n

Interestingly, stablecoins were not the only target of the Trump administration.<\/p>\n

The US House passed the industry-backed CLARITY Act<\/a> in July 2025, a market-structure bill aimed at creating a clearer federal framework for digital assets and expanding the Commodity Futures Trading Commission\u2019s (CFTC) oversight.<\/p>\n

All of these developments helped create an environment in which Bitcoin and the crypto industry thrive.<\/p>\n

As a result, BTC's value reached a new all-time high of more than $126,000, and the broader crypto industry market cap peaked at over $4 trillion.<\/p>\n

From peak to retracement, as leverage and flows turned<\/h2>\n

Since the crypto industry peaked, the market has shed about $2 trillion, with more than $1 trillion lost in the past month.<\/p>\n

Market participants and analysts have largely described the latest leg down as a mechanical unwind rather than a repricing of a single headline.<\/p>\n

Matt Hougan<\/a>, chief investment officer at Bitwise<\/a>, argued<\/a> that the drawdown should be read as a pileup of forces, not a single culprit. According to him, markets are complex, and pullbacks are usually the result of multiple factors acting in concert.<\/p>\n

Considering this, Hougan\u2019s starting point was cyclical, not political. He said long-term investors have been selling to front-run what many expect from crypto\u2019s four-year pattern,<\/a> three big up years followed by a down year.<\/p>\n

The dynamic can become self-fulfilling, he said, because investors who fear the cycle will repeat may decide to take gains early rather than hold through a potential pullback.<\/p>\n

While he acknowledged that measurement is imperfect, Hougan estimated that those investors sold well over $100 billion in Bitcoin last year.<\/p>\n

At the same time, he described a fading of retail-style \u201cattention\u201d flows that often prop up speculative corners of markets in good times.<\/p>\n

Crypto, in his view, has faced stiffer competition for the spotlight, with AI stocks and, more recently, precious metals drawing capital that might otherwise have rotated into the most volatile digital assets.<\/p>\n

While those investors can return, they are currently a source of demand that has partially stepped back from the industry.<\/p>\n

Meanwhile, Hougan also pointed<\/a> to how leverage turned this downshift into a cliff. He cited the Oct. 10 $20 billion liquidation<\/a> episode, which is the largest leveraged blowout in crypto\u2019s history.<\/p>\n

According to him, this was caused by Trump's surprise announcement of a 100% tariff on all Chinese goods at 5:30 p.m. ET on a Friday, when many traditional markets were closed, and by traders using crypto to hedge risk.<\/p>\n

This caused a marketwide sell-off that the crypto market has yet to recover from.<\/p>\n

At the same time, Washington's broader policies and the macro backdrop have impacted Bitcoin.<\/p>\n

Hougan cited Trump\u2019s Jan. 30 nomination of Kevin Warsh<\/a> to be the next chair of the Federal Reserve, a pick he said was viewed as hawkish.<\/p>\n

He also flagged a separate source of hesitation within Bitcoin itself, with rising concern among some advocates that the community is not moving fast enough to address the future risk posed by quantum computing.<\/p>\n

Hougan said quantum is a long-term risk and a solvable problem, but he argued that until the development community takes concrete steps, a portion of long-term capital will remain cautious.<\/p>\n

Finally, he said the pullback has been reinforced by broad risk-off sentiment, pointing to a session in which BTC fell alongside sharp declines in gold and silver<\/a>, with large technology stocks also down significantly.<\/p>\n

In that environment, crypto still behaves like a high-beta proxy for risk appetite, becoming vulnerable when portfolios de-gross.<\/p>\n

Who are the winners in the boom and casualties of the bust?<\/h2>\n

The boom phase rewarded the core plumbing of crypto, businesses that monetize activity when prices and trading volumes rise.<\/p>\n

Exchanges and derivatives venues benefited<\/a> as speculation returned. CoinGecko\u2019s 2025 annual report<\/a> estimated that centralized exchanges processed $86.2 trillion in perpetual futures volume in 2025, while decentralized perpetuals hit $6.7 trillion.<\/p>\n

In a boom, that structure operates like a toll road, with greater volatility bringing higher fees and more liquidations.<\/p>\n

Stablecoin issuers also emerged as winners, as they are expected to continue growing even when token prices decline. This is because traders and institutions still need dollar-denominated rails to move cash, settle trades, and park funds during volatility.<\/p>\n

In fact, Treasury Secretary Scott Bessent believes these assets will become a crucial buyer of US Treasuries<\/a> in the coming years as they continue to rapidly expand.<\/p>\n

Meanwhile, the bust phase has been harsher on businesses with embedded financial leverage and retail investors exposed to the industry.<\/p>\n

Public companies that stockpiled BTC<\/a> and other tokens as a strategy became a focal point as prices fell.<\/p>\n

Shares of Strategy (formerly MicroStrategy),<\/a> the bellwether of the corporate Bitcoin trade, fell from $457 in July 2025 to as low as $111.27 on Thursday, the lowest since August 2024.<\/p>\n

Strategy held 713,502 bitcoin at an average cost of $76,052 per coin and posted a $12.4 billion quarterly loss as bitcoin\u2019s decline forced a repricing of its crypto-heavy balance sheet.<\/p>\n

Other listed buyers also fell, including the UK\u2019s Smarter Web Company, Nakamoto Inc., and Japan\u2019s Metaplanet,<\/a> alongside firms tied to Ethereum<\/a> and Solana<\/a> strategies and a company that said it would stockpile a Trump-family token.<\/p>\n

That dynamic captures the core contradiction of the cycle.<\/p>\n

Trump\u2019s pro-crypto posture<\/a> helped anchor the post-election bid and validated parts of the political thesis through early executive actions, shifts in banking guidance, and a stablecoin law.<\/p>\n

But the market\u2019s surge also accelerated the structures that made crypto more sensitive to macroeconomic conditions, ETF flows,<\/a> and leverage-driven bubbles. So, when those forces turned, the same \u201cpolicy premium\u201d that lifted valuations proved easy to unprice.<\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto market that surged on Donald Trump\u2019s campaign promise of a friendlier US posture is now back near where it started, after an 18-month round trip that added close to $2 trillion in value and then erased roughly the same amount. Data compiled by CryptoSlate put the total crypto market value at about $2.4 […]<\/p>\n","protected":false},"author":720,"featured_media":518777,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,77911,79312,29,77644,79849,6849],"tags":[79558],"post_folder":[],"acf":[],"yoast_head":"\nTrump's crypto rally fizzles as $2 trillion market gains vanish<\/title>\n<meta name=\"description\" content=\"Trump's crypto embrace sparks market highs, but leverage and broader policies fuel a dramatic $2 trillion selloff.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/trumps-crypto-rally-fizzles-as-2-trillion-market-gains-vanish\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump's crypto "golden age" throws away $2 trillion in profits, leaving those holding dollars as winners\" \/>\n<meta property=\"og:description\" content=\"Trump's crypto embrace sparks market highs, but leverage and broader policies fuel a dramatic $2 trillion selloff.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/trumps-crypto-rally-fizzles-as-2-trillion-market-gains-vanish\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-07T20:05:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-07T21:18:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/bitcoin-sandcastle.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/trumps-crypto-rally-fizzles-as-2-trillion-market-gains-vanish\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/trumps-crypto-rally-fizzles-as-2-trillion-market-gains-vanish\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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