November was the second worst month for Bitcoin this year, with spot ETFs recording an outflow of $3.48 billion

According to BeInCrypto, as of the time of writing, Bitcoin has dropped 17.28% in November, marking the largest decline for the month since 2022, when its value fell by 16.23%; it is also the second worst monthly performance of this year, only behind February's 17.39%.

The reasons for this include macroeconomic factors such as Trump's expansion of tariffs on China on October 10 and the record government shutdown in the United States, as well as the weakening flow of institutional funds. According to SoSo Value data, Bitcoin ETFs recorded a capital outflow of $3.48 billion in November, the second largest monthly outflow since the product was launched in 2024.

Meanwhile, the capitulation of short-term investors has intensified market pressure. According to Glassnode data, the actual losses of short-term holders have surged significantly, with the 7-day moving average rising to $427 million per day, setting a record high since November 2022.