In the just-concluded November, BTC delivered the second worst performance of the year - falling a total of 17.28%. Looking at the calendar, one can see that this is the worst November since 2022, only slightly better than this year's -17.39% in February.

How severe has this fall been? A few details can illustrate the issue.

First, let's look at the macro level. On October 10th, Trump announced an increase in tariffs against China, coupled with the escalating risk of a government shutdown in the United States, leading to a direct market crash. The risk aversion sentiment among investors surged instantly, resulting in indiscriminate selling of risk assets.

The actions of institutions are also quite evident. Bitcoin spot ETFs saw a net outflow of $3.48 billion throughout November — the second largest monthly outflow since the product was launched. The signal of large capital withdrawal is quite clear.

Retail investors are in a worse situation. Data from Glassnode shows that short-term holders are suffering significant unrealized losses, with the 7-day moving average actual loss reaching $427 million per day, marking the highest record since the FTX collapse in 2022. Many people are really unable to bear it.

In simple terms, macro pressure, institutional retreat, and retail investors cutting losses — these three forces combined to make November one of the worst months of the year.