November was Bitcoin's second-worst month of the year, with spot ETFs recording $3.48 billion in outflows.

According to a report by BeInCrypto, Bitcoin fell 17.28% in November, its biggest November drop since 2022, when it fell 16.23%; it was also the second worst monthly performance this year, second only to February's 17.39%. The reasons for this decline include macroeconomic factors such as Trump's expansion of tariffs on China on October 10th and the record-breaking US government shutdown, as well as the weakening of institutional fund flows. According to SoSo Value data, Bitcoin ETFs recorded $3.48 billion in outflows in November, the second largest monthly outflow since the product's launch in 2024. Meanwhile, capitulation by short-term investors exacerbated market pressure. According to Glassnode data, actual losses for short-term holders surged, with the 7-day moving average rising to $427 million per day, the highest level since November 2022.