Bitcoin’s November Selloff Erases Its 2025 Gains as ETF Outflows Accelerate
Bitcoin’s post-record-high reversal deepened through November, breaking below $90,000 and later falling near $80,000 as spot ETF withdrawals accelerated. The month ended down roughly 17%, turning an October record into one of 2025’s sharpest reversals.
Bitcoin entered November only weeks removed from an October record above $126,000, but the market reversed sharply. By November 18, the price had fallen below $90,000, roughly 30% below the peak, while Reuters reported about $2.3 billion of net November withdrawals from U.S. spot Bitcoin ETFs by that point. The decline continued later in the week, briefly taking Bitcoin to roughly $80,000 and erasing its year-to-date gains.
The episode was more than an ordinary volatile week because the new ETF market was visibly part of the transmission mechanism. BlackRock’s IBIT recorded a record one-day withdrawal of about $523 million on November 18, and month-end data showed roughly $3.5 billion of net November outflows across U.S. spot Bitcoin ETFs. A product structure that had helped channel institutional demand into Bitcoin during the bull market was now documenting sustained investor exits during the reversal.
Bitcoin finished November down about 17%, one of its worst months of 2025 and a dramatic reversal from the prior month’s all-time high. The scale of the drawdown, the loss of the year’s gains, and the measurable ETF-flow component together marked a distinctive change in market structure and sentiment rather than ordinary volatility.