Demand for Bitcoin in the wake of the 2024 reelection of President Donald Trump was dubbed part of the “Trump Trade”—a way to describe the top crypto asset’s alignment with Trump and expectations of a more crypto-friendly administration and favorable policies. But nearly two years later, crypto traders find themselves even below where they started, as Bitcoin trades at a discount to its election day marker. It recently changed hands at $60,619—about 12.6% below its closing price around $69,355 on November 5, 2024, the day ballots were cast.