Bitcoin is set to conclude November with a significant 17.28% decline, marking its second-worst monthly performance of the year, just slightly behind the 17.39% drop recorded in February, according to CoinGlass data.

The slide also represents Bitcoin’s steepest November loss since 2022. The cryptocurrency, which opened the month near $110,000, struggled amidst a combination of macroeconomic headwinds and structural market stress.

Key Factors Behind the Decline:

• Macroeconomic Pressure: The selloff began following Donald Trump’s expansion of tariffs on China in October, which led to a broad reassessment of risk in global markets. This was reportedly exacerbated in November by a record US government shutdown, tightening liquidity.
• Institutional Outflows: Bitcoin ETFs recorded $3.48 billion in outflows in November, making it the second-largest monthly outflow since the products launched in 2024 (SoSo Value data). This trend reduced a key source of demand for the asset.
• Short-Term Capitulation: Market stress was amplified by panic selling from short-term investors. Glassnode data showed the realized loss of short-term holders surged to a 7-day EMA of $427 million per day—the highest level recorded since November 2022.

The confluence of these factors briefly pushed BTC’s price to a seven-month low of under $80,000 before it rebounded to $90,773 at press time. Data suggests the recent decline was driven more by reactive selling than long-term distribution.