Topline
Bitcoin exchange-traded funds have lost a record high $3.7 billion so far in November, surpassing the record $3.6 billion loss in February, as the cryptocurrency is on track for its worst monthly performance since the November 2022 crypto crash.
NEW YORK, NEW YORK – JANUARY 11: Samara Cohen, Chief Investment Officer of ETF and Index Investments at Blackrock, (C) rings the opening bell as Bitcoin Spot ETF’s are launched on the Nasdaq Exchange on January 11, 2024 in New York City. The trading of several exchange-traded funds (ETFs) tied to the milestone for the cryptocurrency industry that has been seeking regulatory approval for the financial product for over a decade.(Photo by Stephanie Keith/Getty Images)
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Key Facts
U.S. listed exchange-traded funds tracking the price of Bitcoin have lost a record $3.7 billion so far in November, according to data from SosoValue, in the midst of a broader selloff in cryptocurrencies during the month.
The cryptocurrency bellwether slid more than 35% from its peak of $126,000 in October, to as low as $80,000 on November 21, its lowest price since April.
The crypto market has faced a major slide in October, with prices falling at a pace last-seen during the 2022 crypto industry collapse set off by the fall of Sam Bankman-Fried’s FTX.
Last week, the total market value of all digital tokens dropped below $3 trillion for the first time since April, data from CoinGecko showed.
Bitcoin slid close to 2% to around $86,000 on Tuesday.