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

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

The reasons for this decline 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 fund outflow of $3.48 billion in November, the second largest monthly outflow since the product was launched in 2024.

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