November was the second worst month for Bitcoin this year, with spot ETF recording a $3.48 billion outflow.

ChainCatcher news, according to BeInCrypto, bitcoin fell by 17.28% in November, marking its largest November decline since 2022, when its value dropped by 16.23%. It was also the second worst monthly performance this year, only behind February's 17.39% drop.

The reasons for this include not only macroeconomic factors such as Trump's expansion of tariffs on China on October 10 and the record-breaking US government shutdown, but also a weakening of institutional capital flows into BTC. According to SoSo Value data, bitcoin ETF saw an outflow of $3.48 billion in November, which is 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 realized losses of short-term holders surged significantly, with the 7-day moving average rising to $427 million per day, reaching the highest level since November 2022.