The performance of digital and traditional assets diverged in November as the collapse of FTX erased billions of dollars from the digital asset markets. This, combined with fears of market contagion, has led to severe negative performances this month, with BTC returning -16.3%, its worst monthly performance since June 2022.
- In November, Bitcoin recorded the largest outflows from exchanges in its history, with net outflows of --91,557 BTC. Since FTX, centralised exchanges have witnessed a string of outflows as market participants look to safeguard their funds.
- In November, BTC and ETH saw a major decline, recording a low of $15,480 and $1,074 on the 21st and the 23rd respectively. This was a year-low price for BTC, while ETH showed relative resilience by staying above its June 2022 lows.