Bitcoin is on track to post its second-worst monthly performance of the year after falling 17.28% in November. According to CoinGlass data, that places it just behind February’s 17.39% decline.
Notably, the drop also marks Bitcoin’s steepest November slide since 2022, when it lost 16.23% of its value.
Why Bitcoin Price Struggled This November
According to BeInCrypto data, Bitcoin opened November near $110,000 after a volatile October that delivered a record high of $126,000 but also erased about $20 billion in market value.
The selloff had begun after Donald Trump expanded tariffs on China on October 10, prompting a broad reassessment of risk across global markets.
The choppiness persisted into November, and the record US government shutdown further exacerbated it by tightening liquidity across traditional markets.
Apart from the macroeconomic conditions, BTC was also affected by weakening institutional flows.
According to SoSo Value data, Bitcoin ETFs recorded $3.48 billion in outflows in November. This marks the second-largest monthly outflow since the products launched in 2024.
US Bitcoin ETFs Monthly Flows Since Launch. Source: SoSo Value
This outflow trend began quietly in the second half of October. However, it accelerated in November as global markets digested the broader macroeconomic conditions, reducing one of the asset’s most reliable sources of demand.
At the same time, the market stress was amplified by short-term investor capitulation.
According to Glassnode, the realized loss of short-term holders surged, with the 7-day EMA rising to $427 million per day. That level is the highest recorded since November 2022.
At the time, BTC panic selling was rife, resulting in losses similar to those observed at the previous two major lows of this cycle.
The data suggests that reactive selling, rather than long-term distribution, was the defining pressure point for Bitcoin’s recent decline.
Due to the convergence of these points, BTC’s price briefly fell to a seven-month low of under $80,000 during the month, before rebounding to $90,773 at press time.
This price performance reflected both external pressures and the accumulation of structural stress in the crypto market.
