Bitcoin Falls as November Trading Volume Plunges; US Spot BTC ETFs See Largest Monthly Outflow
Bitcoin weakened in November as global crypto trading activity cooled. Centralized exchange (CEX) volume fell to $1.59 trillion, down 26.7% month‑on‑month and the weakest since June. Binance remained the largest exchange but saw volumes drop from $810.44 billion in October to $599.34 billion in November. Decentralized exchange (DEX) volume also declined to $397.78 billion, indicating reduced liquidity across venues. Bitcoin price slid from about $110,000 to roughly $86,500 over the month. US spot Bitcoin ETFs recorded net outflows of approximately $3.48 billion — the largest monthly exit since February. Key takeaways for traders: lower CEX/DEX volumes suggest thinner liquidity and wider spreads; ETF outflows indicate reduced institutional demand; heightened volatility and downside risk in the near term are likely. Primary keywords: Bitcoin, trading volume, spot BTC ETF, Binance, DEX volume, outflows.
Bearish
The data points in the article collectively point to bearish market pressure. A 26.7% drop in CEX volume and a DEX decline to $397.78 billion indicate materially lower liquidity; lower exchange volumes typically translate into wider spreads, greater slippage, and reduced ability for buyers to absorb selling pressure. Binance’s large month‑on‑month volume decline (from $810.44B to $599.34B) removes a major source of market depth. The roughly $3.48B net outflow from US spot Bitcoin ETFs is a clear sign of waning institutional demand and represents the largest monthly ETF exit since February, increasing supply pressure on spot markets. Bitcoin’s price decline from ~$110,000 to ~$86,500 during the month confirms the market’s directional bias. Historically, similar combinations of falling volumes and ETF outflows (e.g., past instances in 2021–2022) correlated with accelerated drawdowns and elevated short‑term volatility. For traders: expect continued downside risk and choppy price action until volumes recover or inflows resume; shorter timeframes may offer mean‑reversion opportunities, but position sizing and tighter risk controls are advisable. A sustained recovery would likely require renewed ETF inflows, higher on‑exchange volumes, or positive macro/crypto‑specific catalysts.