Bitcoin has plunged to a six-month low of $95,900 in November 2025 due to massive spot ETF outflows totaling $866 million on Thursday, even after the US government shutdown ended. This signals weakening institutional demand and mounting pressure on cryptocurrency prices amid broader market declines.
-
US shutdown resolution fails to boost crypto sentiment, with Bitcoin ETFs showing flat inflows of just $1.2 million on Monday.
-
Outflows resume sharply, exacerbating the price drop despite brief Tuesday inflows of $524 million.
-
Analysts note ETF investments and corporate holdings like MicroStrategy as key demand drivers, per CryptoQuant data showing stalled momentum.
Discover why Bitcoin hit a six-month low in 2025 amid ETF outflows and US shutdown impacts. Explore crypto market trends, expert insights, and DeFi updates for informed investment decisions.
What Caused Bitcoin’s Price Drop to a Six-Month Low in November 2025?
Bitcoin’s price drop to a six-month low stems from renewed outflows in spot Bitcoin ETFs, totaling $866 million on Thursday, despite the resolution of the 43-day US government shutdown. The cryptocurrency fell to $95,900 on Friday, a level last seen in May, as institutional demand waned even after President Donald Trump signed a funding bill extending government operations until January 30, 2026. This development, which passed the Senate on Monday and the House on Wednesday, aimed to ease political tensions but failed to revive buyer interest in Bitcoin products.
How Have Bitcoin ETF Flows Impacted Market Sentiment Post-Shutdown?
Spot Bitcoin ETFs experienced a temporary uptick with $524 million in inflows on Tuesday but quickly reversed course, highlighting fragile investor confidence. According to data from Farside Investors, Monday’s inflows were minimal at $1.2 million, underscoring the lack of enthusiasm despite positive US political news. Capriole Investments founder Charles Edwards noted, “Despite the US shutdown seemingly ending, and the S&P and Gold bouncing hard, Bitcoin ETFs saw no bid yesterday,” emphasizing the disconnect between traditional risk assets and crypto. Standard Chartered’s Geoff Kendrick highlighted that ETF inflows have been Bitcoin’s primary momentum driver in 2025, making their stall particularly concerning for year-end prospects. Ki Young Ju, CEO of CryptoQuant, pointed out that ETF investments alongside MicroStrategy’s holdings have been the main demand pillars, now showing signs of fatigue. This stagnation raises alarms about Bitcoin’s trajectory, as risk assets typically rally post-shutdown, per Edwards, who urged a swift turnaround to avoid prolonged pressure.
BTC/USD, one-year chart. Source: Cointelegraph
Bitcoin ETF Flows, US dollars (in millions). Source: Farside Investors
Bitwise Exec Predicts 2026 as Crypto’s True Bull Year
Bitwise Chief Investment Officer Matt Hougan expressed heightened confidence in a 2026 crypto bull market during a discussion at The Bridge conference in New York City. He argued that the absence of a late-2025 rally aligns better with historical cycles, avoiding a potential bear market onset similar to 2022 and 2018. “I’m actually more confident in that quote. The biggest risk was [if] we ripped into the end of 2025 and then we got a pullback,” Hougan stated, citing accelerating trends in Bitcoin debasement trades, stablecoins, tokenization, and DeFi innovations like Uniswap’s fee switch proposal. These fundamentals, he believes, are robust enough to propel growth, with institutional investment and regulatory progress providing sustained tailwinds.
Matt Hougan at The Bridge conference in New York City. Source: Cointelegraph
Arthur Hayes Advises Zcash Holders to Withdraw and Shield Assets
BitMEX co-founder Arthur Hayes recommended that Zcash (ZEC) holders move their assets from centralized exchanges to self-custodial wallets and utilize the network’s shielding feature for privacy. This advice came amid volatile price action, with ZEC surging to $723 on Saturday before plummeting 37% to $450 by mid-week. Analysts attributed the swings to an overbought relative strength index (RSI), warning of corrections after prolonged rallies above key thresholds. Hayes’ call underscores ongoing concerns about exchange risks in the privacy coin sector, where Zcash’s shielded transactions offer enhanced anonymity compared to transparent blockchains.
Zcash’s seven-day price chart. Source: CoinGecko
Vitalik Buterin Releases Trustless Manifesto to Champion Decentralization
Ethereum co-founder Vitalik Buterin, alongside Ethereum Foundation researchers Yoav Weiss and Marissa Posner, unveiled the Trustless Manifesto to reinforce decentralization and censorship resistance in crypto protocols. The document critiques the integration of hosted nodes or centralized relayers, which erode trustlessness from inception and foster dependency on intermediaries. “Trustlessness is not a feature to add after the fact. It is the thing itself,” the authors asserted, cautioning that convenience-driven centralization creates choke points that undermine permissionless systems. While not targeting specific entities, the manifesto addresses criticisms of some Ethereum layer-2 solutions prioritizing scalability over decentralization, urging builders to embed core principles from the outset.
Extract from The Trustless Manifesto. Source: Trustlessness.eth
Sonic Labs Shifts Focus to Business Sustainability Over Speed
Sonic Labs, developer of the high-speed Sonic layer-1 blockchain, announced a strategic pivot toward long-term value creation, emphasizing token sustainability and financial outcomes. New CEO Mitchell Demeter outlined plans including Ethereum and Sonic Improvement Proposals for upgrades, increased token burns to reduce supply, and tiered rewards for builders and validators. “Every decision we make moving forward will be guided by the principles of building real value, with price, growth, and sustainability always in focus,” Demeter stated on social media. This approach aims to deliver measurable benefits beyond the chain’s claimed 720-millisecond finality, positioning Sonic as a viable EVM-compatible network for enduring adoption.
Source: Mitchell Demeter
DeFi Market Overview: Weekly Declines Dominate
The decentralized finance (DeFi) sector faced broad declines, with most of the top 100 cryptocurrencies by market cap ending the week lower, according to Cointelegraph Markets Pro and TradingView data. Dash (DASH) led losses at 45%, followed by Internet Computer (ICP) down over 27%, reflecting heightened volatility in privacy and smart contract tokens. Total value locked in DeFi protocols remained under pressure, signaling cautious sentiment amid macroeconomic uncertainties.
Total value locked in DeFi. Source: DefiLlama
Frequently Asked Questions
What Are the Main Reasons for Bitcoin ETF Outflows in Late 2025?
Bitcoin ETF outflows in late 2025, peaking at $866 million on Thursday, arise from waning institutional demand despite the US shutdown’s end. Farside Investors data shows flat Monday inflows of $1.2 million, with experts like Charles Edwards citing a lack of bid in risk assets as a key factor pressuring prices.
Why Is 2026 Expected to Be a Strong Year for Crypto Markets?
According to Bitwise CIO Matt Hougan, 2026 holds promise for crypto due to robust fundamentals like stablecoin growth, tokenization, and DeFi advancements. The lack of a 2025 year-end rally reduces bear market risks, allowing trends in institutional adoption and regulatory clarity to drive a sustained bull phase, sounding natural for voice queries on future market cycles.
Key Takeaways
- Bitcoin’s Vulnerability Exposed: The drop to $95,900 highlights ETF outflows as a critical demand weakness, urging investors to monitor institutional flows closely.
- Privacy Coins in Flux: Zcash’s volatility and Hayes’ shielding advice emphasize self-custody’s role in mitigating exchange risks during corrections.
- Decentralization Push: Vitalik Buterin’s manifesto serves as a reminder for protocols to prioritize trustlessness, offering builders actionable insights for sustainable development.
Conclusion
The cryptocurrency landscape in November 2025, marked by Bitcoin’s price drop and ETF outflows, alongside shifts in DeFi and layer-1 strategies, underscores a market navigating political resolutions and internal innovations. Expert views from figures like Matt Hougan and Vitalik Buterin signal resilience in core principles like decentralization and token sustainability. As 2026 approaches, staying informed on these dynamics will empower strategic positioning in evolving crypto markets—consider reviewing your portfolio for long-term alignment with emerging trends.
