Bitcoin Bleeds 25% This Month, Marking Worst Month Since 2022 Crypto Collapse
Digital gold is losing its shine fast. Bitcoin has dropped ~25% in November, its worst performance since June 2022, when Terra’s collapse set off a chain of industry failures. The latest selloff has pushed Bitcoin more than 30% below its early October high and erased nearly $400B in a week, even with a supposedly crypto-friendly Trump administration in place.
- Fear has gripped traders as the Coinglass sentiment index hit “extreme fear” levels last seen during the 2022 meltdown, plummeting from 94 right after Trump’s election victory.
- US Bitcoin ETFs witnessed $903M in net outflows on Nov. 20 — their second-largest single-day redemption since launching in Jan. 2024.
Market mayhem intensifies: The crypto selloff and AI slump are taking crypto-heavy stocks down, with RobinhoodHOOD down nearly 30% this month as risk appetite evaporates. Pressure is also mounting on Michael Saylor’s StrategyMSTR, which faces potential removal from major indices by Jan. 15 — a move JPMorgan says could trigger billions in outflows. Apollo Crypto’s Pratik Kala believes the market is in rare distress, noting that “sentiment across the board is incredibly poor,” with no clarity on how much further it could fall.