In November, Bitcoin dropped 17.54%, marking its largest monthly decline of the year. Bitcoin ETFs saw the second-largest monthly outflow since their launch in 2024. The USDT strategy in Gate’s quantitative fund delivered a 1.9% return for November; the Top 30% portfolio achieved an annualized return of 4.1%, outperforming Bitcoin. The "Arbitrage Pioneer-USDT" strategy stood out with a monthly annualized return of 5.5%, highlighting its strong defensive characteristics. Overall, the fund’s drawdown remained low in November, with the USDT strategy’s maximum drawdown at just 0.02%. Looking ahead to December, expectations for rate cuts, next year’s interest rate trajectory, a potential rate hike by the Bank of Japan, and speculation about a change in Fed leadership are set to drive short-term volatility in crypto assets.
- Market Review: November continued the overall trend of volatility, with Bitcoin falling 17.54%—the largest monthly drop this year. For the first time since April, total crypto market capitalization fell below $3 trillion, and leverage liquidations surged to new highs. Bitcoin ETFs recorded their second-largest monthly outflow since launching in 2024. Amid the rapid market decline, open interest in perpetual contracts fell 35% from the October peak of $94 billion.
- Gate Private Wealth Product Performance: In November, Gate’s quantitative fund USDT and BTC strategies returned 1.9% and -0.3%, respectively. The Top 30% portfolio posted an annualized return of 4.1%, outperforming Bitcoin. The "Arbitrage Pioneer-USDT" strategy delivered a standout monthly annualized return of 5.5%, demonstrating robust defensive properties. Overall fund drawdowns were low in November, with the USDT strategy’s maximum drawdown at only 0.02% and the BTC strategy at 0.03%.
- Outlook: Historically, Bitcoin’s performance in December has been inconsistent, with three out of the past four years posting negative returns. The clearest signals for the next Bitcoin rally will be a rebound in risk appetite, improved liquidity conditions, and greater market depth. Looking to December, expectations for rate cuts, the path of interest rates in the coming year, a possible Bank of Japan rate hike, and speculation about a change in Fed leadership will all shape short-term movements in crypto assets.
Explore more: Gate Private Wealth Management Monthly Report – November 2025
