November is BTC's summer: The performance formula records a historic sell-off

November has left a deep mark on the cryptocurrency market, as Bitcoin experienced its most difficult period since 2022. According to data from BeInCrypto, BTC plummeted 17.28% over this 30-day period, second only to February with a decline of 17.39%, making it the second-worst performance of the year.

Institutional Capital Withdraws from the Market

The selling pressure mainly stemmed from the retreat of institutional investment funds. According to data from SoSo Value, Bitcoin ETF products saw capital outflows totaling $3.48 billion throughout the month, the second-largest withdrawal since these instruments officially launched in 2024. This move reflects the unease among large investors amid market volatility.

Macro Factors Putting Pressure

Beyond the shift by institutions, Bitcoin also faced a series of challenges from the global economy. New tariff policies from the US government and uncertainties regarding monetary policy have created a tense atmosphere across the entire risk asset market.

Retail Investors Give Up En Masse

Data from Glassnode shows that the situation worsened when looking at the behavior of individual investors. The realized losses of short-term holders soared to record highs, with a 7-day average loss of $427 million per day – the highest since November 2022. This is a clear sign of panic selling among investors.

The combination of institutional capital withdrawal, macroeconomic concerns, and retail investors capitulating has created a strong sell-off wave, making Bitcoin’s performance in November one of the worst months in recent history.