Bitcoin is in the dumps.

The apex cryptocurrency is down more than 30% in 2026, slumping to its lowest level since 2024 this week to trade around $59,200. That marks about a 53% drop from the token’s all-time high above $126,000 last October. Ethereum, the second-biggest crypto, is doing even worse, down 48% this year.

So, how did the Trump-era bullishness for crypto that took bitcoin to record highs give way to a brutal crypto winter that shows little sign of thawing?

Scanning around, there’s little good news to be gleaned from the headlines. Interest from institutional and retail investors alike looks tapped out. That’s evidenced by record outflows from bitcoin ETFs, which Deutsche Bank says have…