The Breakdown Bitcoin’s Worst November in Years
Dec 2, 2025
November marked the toughest month for Bitcoin since 2018, suffering a 17.7% drop amid low liquidity and high leverage. A Thanksgiving weekend flash crash tied to Japanese bonds added to the chaos. Experts discuss whether this capitulation could pave the way for healthier market conditions by 2026. The podcast also dives into Tether's recent downgrade and the mixed reactions within the industry regarding its stability. Plus, SpaceX's mysterious Bitcoin movement raises eyebrows, but it's not a sale—just a custody shift!
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Historic November Underperformance
- November 2025 was unusually weak, marking Bitcoin's worst November since 2018.
- Seasonal expectations failed as macro factors and market structure overpowered typical autumn strength.
Liquidity Shock Around Futures Open
- A sharp Sunday-night plunge coincided with the CME futures open and moves in Japanese government bonds.
- Thin liquidity likely amplified the shock across global markets rather than a single domestic crypto catalyst.
Leverage And Thin Liquidity Amplify Moves
- Thin liquidity plus record-high leverage creates mechanical, domino-effect sell-offs in crypto.
- These structural market mechanics explain rapid drops without new fundamental news.