The global cryptocurrency market experienced a sharp correction in November 2025 after reaching its autumn highs, losing more than $1 trillion in total capitalization amid profit-taking by investors, outflows from exchange-traded funds, and a deterioration in risk appetite in global markets, according to estimates by analytical platforms and market participants.
From late September to early October, when Bitcoin was hitting historic highs above $120,000–126,000 per coin, to mid-November, the total capitalization of the crypto market fell by about a quarter. At times, the Bitcoin price fell to around $82,000–85,000, which is a decline of about 20–30% from its October peak. By the end of the month, the first cryptocurrency had partially recovered from the fall and consolidated in the range of about $87,000–90,000.
Analysts attribute the correction primarily to large-scale profit-taking after months of growth that began in 2023–2024, as well as a revision of expectations regarding Fed rates and a decline in interest in risky assets amid the strengthening of gold’s position as a safe-haven asset.
Additional pressure on the market came from significant outflows from spot Bitcoin ETFs in the US: according to market participants’ estimates, the total amount of funds withdrawn from such funds in November amounted to several billion dollars, which led to sales of the underlying asset. At the same time, a number of public companies reduced their cryptocurrency reserves to service their debts and support their own quotations.
The correction also affected other leading crypto assets. Ethereum traded in the range of about $2,800–3,000, and a number of major altcoins (including Solana and XRP) also showed double-digit declines from recent local highs, although some of the losses were recouped by the end of November.
Against the backdrop of general volatility, individual tokens showed mixed dynamics. For example, the previously inconspicuous RAIN token, associated with the decentralized prediction market, showed short-term growth of more than 100% after one of the biopharmaceutical companies announced plans to form a significant amount of reserves in this asset.
The decentralized finance (DeFi) segment came under pressure again in November due to security incidents: one of the major automated trading protocols lost a significant amount of user funds as a result of an exploit, which intensified the debate surrounding the stability of complex DeFi mechanisms.
At the same time, regulation continued to tighten and infrastructure continued to institutionalize. Financial regulators in a number of countries announced increased requirements for reserves and asset segregation on crypto exchanges, while large fintech companies continued to work on their own stablecoins and blockchain payment solutions within the framework of existing or upcoming regulatory regimes.
Most industry analysts assess what has happened not as the beginning of a new prolonged “bear market,” but as a deep but typical correction for cryptocurrencies after a period of overheating. At the same time, they point out that volatility and high sensitivity to macroeconomic factors maintain the status of crypto assets as one of the most risky segments of the global financial market, despite the growth of institutional participation and the development of a regulated infrastructure.
