November 2025 was a negative month for Bitcoin and cryptocurrencies in general. During this period, several anti-records were set on the crypto market.
November 2025 was a month of anti-records for the cryptocurrency market and the worst month for Bitcoin returns since June 2022. The last month of autumn also saw the second-highest outflow of capital from Bitcoin-based exchange-traded funds (ETFs) and the highest for Ethereum ETFs. The monthly spot trading volume of cryptocurrencies on centralized exchanges hit its lowest level since June 2025.
The price of Bitcoin (BTC) fell 17.67% in November, according to Coinglass, the worst period since June 2022, when the price fell 37.28%. On November 1, the price was around $109,600 and fell for most of the month with minor corrective movements, repeating the dynamics from the absolute peak in early October, when the price exceeded $126,200.
Almost immediately after the monthly candle closed, the price of Bitcoin fell sharply, and on December 1, quotes fell to $84,000.
October and November are historically the most successful periods for Bitcoin, but this year they did not meet investors' expectations. The average percentage return for November is above 41%. Since 2013, there have been only five months with negative returns — in 2018, 2019, 2021, 2022, and 2025.
The same positive statistics applied to October, which has been one of the best months for Bitcoin price dynamics since 2013. The coin has only been in the red three times at the end of the month — in 2014, 2018, and 2025. According to Coinglass, as of October 31, the average return during this period was almost 20%.
At the same time, there have been reports of a significant decline in spot trading volumes for November. The monthly figure on centralized exchanges (CEX) in November fell to $1.59 trillion, hitting a new low since June. This is 26.7% less than the $2.17 trillion in October, according to The Block. Binance remains the largest exchange with $599.34 billion, which is 25.8% less than in October ($810.44 billion).
Trading volume on decentralized exchanges (DEX) fell 30% over the month, from $568.43 billion to $397.78 billion. This is also the lowest since June. Uniswap had the highest volume at $79.98 billion, which is 35.6% less than a month earlier.
Record withdrawals from ETF
Exchange-traded funds (ETFs) that provide investors with access to crypto assets through the NASDAQ and NYSE exchanges in the form of shares also recorded record outflows.
According to Sosovalue, the total outflow of capital from Bitcoin funds in November amounted to almost $3.5 billion, which is the second-largest monthly figure in history since the emergence of such funds in early 2024. The only higher figure was in February 2025, with an outflow of $3.56 billion.
Ethereum-based funds recorded an all-time high of $1.42 billion in November. This figure is more than three times higher than the previous record of $483 million in July 2024.
Other cryptocurrency-based funds, including SOL, XRP, DOGE, LTC, and HBAR, showed positive capital inflows of $419 million, $667 million, $2 million, $7 million, and $36 million, respectively. It is possible that the differences in capital flows between BTC and ETH funds are related to their novelty — many of these funds launched in October and November 2025, while BTC and ETH have been trading since 2024.
Record fears
November was the most “terrifying” month for the crypto market in the past three years. According to the Fear and Greed Index, it was the most negative month since November 2022, according to Alternative.
In November 2025, the index was in the “extreme fear” zone for 20 days, in the ‘fear’ zone for 8 days, and in the neutral zone for 3 days. The only time it was worse was three years ago, when the index was in the extreme negative zone for 23 days and in the normal “fear” zone for 7 days.
Since September 2025, the index has been predominantly in the negative zone.
The Fear and Greed Index is a sentiment indicator that shows which of these emotions prevails among market participants. It ranges from 0 to 100. A low score indicates fear, which implies a sell-off of assets and a drop in cryptocurrency prices. High scores mean that investors are inclined to buy cryptocurrency.
The most popular version of the index is presented by the developers of alternative software. Other platforms, such as CoinMarketCap, have also begun to calculate the index according to their own parameters. They do not disclose their methodology, and the indicators from different sources often differ significantly.
