Bitcoin closed November deep in the red, falling 17.49%, its largest monthly decline since the painful 2018 bear market. CoinGlass data shows November was also Bitcoin’s second-worst month of 2025, slightly outpacing February’s 17.39% slide.

The leading cryptocurrency entered the month trading around $110,000 but quickly unraveled. BTC plunged to nearly $80,000, its lowest price in seven months, before a temporary rebound above $90,000. The upswing was short-lived, with Bitcoin dropping again to about $86,000 on Sunday after a rapid 5% decline in three hours.

ETF Redemptions and Global Headwinds Accelerate the Sell-Off

What began with optimism following Bitcoin’s halving soon deteriorated as U.S. spot Bitcoin ETFs recorded massive outflows. By mid-November, ETF redemptions reached $3.48 billion, the second-largest monthly exodus since their debut in 2024.

BlackRock’s iShares Bitcoin Trust was among the hardest hit, shedding billions as investors fled risk assets. Meanwhile, short-term holders suffered heavy realized losses, with more than 10,200 BTC sold at a loss in one day.

A series of global economic shocks intensified the downturn:

• Donald Trump’s expanded tariffs on China (effective October 10) triggered global risk-off sentiment.
• A historic U.S. federal government shutdown reduced market liquidity.
• Fed Chair Jerome Powell’s muted tone on rate cuts and ongoing quantitative tightening drained capital from high-risk sectors.
• Even gold outperformed BTC, emphasizing investor preference for safe havens.

Whales Dump Over 50,000 BTC as Market Panic Deepens

Large Bitcoin holders, wallets with more than 10,000 BTC, delivered the biggest blow, unloading unprecedented volumes.

Major whale actions in November:

• Over 50,000 BTC sold in one week (worth $4.6B)
• Long-term holders liquidated $43B in BTC since July
• Veteran whale Owen Gunden moved 2,400 BTC ($237M) to Kraken
• A dormant 15-year-old Satoshi-era wallet released $1.5B in BTC

These massive sales triggered margin calls, leveraged wipeouts, and $870 million in ETF redemptions in a single trading session.

Technically, Bitcoin flashed warning signs as the 50-day moving average approached a death cross below the 200-day, an indicator often linked to prolonged downtrends. Market sentiment also deteriorated, with the Fear & Greed Index plunging to 28.

Altcoins Bleed as Total Crypto Market Cap Falls by $1 Trillion

Altcoins suffered even bigger losses:

• Ethereum dropped 22%
• The overall crypto market lost $1 trillion in value

The downturn exposed vulnerabilities masked by ETF-driven enthusiasm earlier in the year, particularly in liquidity and concentration risk.

What to Expect in December: A Bounce or More Pain?

December could go either way. Historically, when Bitcoin ends November in the red, December also leans negative, with a median return of –3.2%.

Critical price levels to monitor:

• $85,000 support — losing this could open the door to $80,000
• $90,000–$95,000 resistance — a breakout might push BTC toward a year-end rally above $100,000

Despite the brutal month, Bitcoin still shows a 7% gain year-to-date, outperforming many risk assets in a turbulent macro environment.

While painful, large-scale whale selling often signals the final phase of a correction, raising the possibility of a stronger rebound heading into 2026.

As 2025 closes, Bitcoin stands at a pivotal moment, either drifting deeper into a correction or preparing for a major recovery.