Bitcoin Is Off to a Slow Start in November with a Brief Dip Below $100,000

TL;DR

• Bitcoin dipped below $100,000 but managed to recover quickly

• Spot Bitcoin ETFs began November with outflows before inflows picked back up

Bitcoin briefly dropped to $99,500 before recovering above $100,000 again 

2025 has been a wild ride for Bitcoin that has included multiple all-time highs and historic dips like last month. 

November, typically one of the strongest months in terms of performance in the past, has gotten off to a slow start. We dropped from above $110,000 to $100,000, and then traded sideways between $100,000 and $107,000. 

But then last Friday, we dipped below the $100,000 level for the first time since June.  

According to Bloomberg, the dip was caused by whale-selling. Over 400,000 BTC were reportedly sold by large holders. 

However, you can keep a good coin down (especially Bitcoin), so by Monday, BTC was trading back at $104,500.

Bitcoin’s resilience is growing stronger, and the fact that the digital currency can absorb $45 billion in selling pressure and still remain relatively stable is a promising sign for its future. 

November is also off to a slow start for spot Bitcoin ETFs 📉

The U.S. Spot Bitcoin ETFs have shown a similar picture so far in November, with more outflow days than inflow days. Additionally, the inflow days were fairly weak, at least in comparison to what we’ve gotten used to.

The only day in November with somewhat “regular” trading activity was November 11th, when over $520 million went into Bitcoin ETFs.  

Looking at BlackRock’s IBIT, the largest spot Bitcoin ETF, you see a similar picture.

Especially during the first week of November, a significant number of IBIT shares were sold. 

In fact, there were only two days, November 11th and November 6th, with net inflows ($200 million and $110 million, respectively). 

Compared to the strong inflows seen in the first half of the year, it looks like ETF investors are currently a little more cautious when it comes to the orange coin.  

Elsewhere in Bitcoin 📖

A quick look at what else has been happening in Bitcoin: 

• Retail investors are (apparently) nowhere to be seen

• Larry Fink keeps being a crypto perma-bull

• Tether is betting on hard money like Bitcoin and Gold

• Taiwan’s central bank is exploring a BTC treasury

• Japan Exchange Group will tighten its oversight of treasury firms

Your fellow stacker in sats, 

Patrick Lowry

PS: Follow me on Twitter @Patrick_Lowry_ (if you don’t already)

Disclaimer: The opinions expressed in this newsletter are solely those of the author and do not necessarily represent the views of any associated company. This newsletter is for educational and informational purposes only and should not be construed as investment, financial, or any other professional advice. Investing in cryptocurrencies is highly speculative and carries a significant risk of substantial financial loss, so you must conduct your own thorough research and consult with independent professional advisors before making any decisions.