Bitcoin Records Worst Monthly Drop Since 2018 as Whales Trigger $4.6B Sell-Off
Bitcoin ended November bruised and battered, plunging 17.49% in its steepest monthly fall since the devastating 2018 bear market. Data from CoinGlass reveals that November also became Bitcoin’s second-worst month of 2025, narrowly surpassing February’s 17.39% decline.
What began as a cautiously optimistic month near $110,000 quickly collapsed into a deep correction. BTC tumbled to almost $80,000, its lowest point in seven months, before a short-lived recovery above $90,000. The relief didn’t last, by Sunday, Bitcoin slid again to around $86,000, losing 5% in just three hours.
ETF Outflows and Macro Chaos Fuel the Bloodbath
The month opened with post-halving optimism and talk of institutional inflows, but momentum evaporated quickly. By mid-November, U.S. spot Bitcoin ETFs were drowning in redemptions, recording $3.48 billion in outflows, their second-worst month since launching in 2024.
BlackRock’s iShares Bitcoin Trust suffered billions in withdrawals as institutional players de-risked. Short-term holders also took heavy losses, with 10,200 BTC wiped out in a single session.
Global macro factors piled on:
- Donald Trump’s expanded tariffs on China (effective October 10) sparked global risk aversion.
- A historic U.S. government shutdown tightened liquidity across markets.
- Jerome Powell’s lukewarm rate-cut comments and ongoing quantitative tightening drained capital from risky assets, including crypto.
- Even gold outperformed Bitcoin, highlighting a flight to safety.
Whale Sell-Off Creates a Shockwave
The biggest blow came from whales, wallets holding over 10,000 BTC, executing their heaviest liquidation of the year.
Key whale activity in November:
- 50,000+ BTC sold in one week ($4.6 billion).
- Long-term holders have shed $43 billion since July.
- OG Bitcoin whale Owen Gunden transferred 2,400 BTC ($237 million) to Kraken in one go.
- A Satoshi-era wallet moved a 15-year-old stash worth $1.5 billion to exchanges.
These moves intensified market panic, triggering cascading margin calls, liquidations, and $870 million in ETF redemptions in a single day.
Bitcoin’s technical indicators reflected the carnage, with the 50-day moving average nearing a death cross under the 200-day—historically associated with extended downward pressure.
The Fear & Greed Index plunged to 28, signalling deep fear across the market.
Altcoins Hit Harder as Market Cap Sheds $1 Trillion
While Bitcoin absorbed most of the spotlight, the broader crypto market fared even worse.
- Ethereum fell 22%
- The total crypto market cap erased $1 trillion
The crash reinforced concerns that ETF-driven hype had masked structural vulnerabilities in Bitcoin’s liquidity and whale concentration.
What December Could Hold for Bitcoin
December is shaping up to be a toss-up. Historically, years with red Novembers often see red Decembers, with a median decline of –3.2%.
Key levels to watch:
- $85,000 support — a breakdown could open the path to $80,000
- $90,000–$95,000 resistance — reclaiming this zone may fuel a year-end “Santa rally” above $100,000
Despite the brutal pullback, Bitcoin remains 7% up year-to-date, a surprising resilience given global economic pressures.
Whale sell-offs, though painful, traditionally signal the late stages of a correction, setting up potential strength in the months ahead.
As 2025 enters its final chapter, Bitcoin stands at a crossroads, either November’s ghosts drag it into a deeper correction, or the stage is set for a powerful rebound into 2026.
