Bitcoin’s November Sell-Off Driven by Europe
Bitcoin had one of its worst Novembers since 2018, with European markets leading the month-long decline.
- Bitcoin and Ethereum dropped 20–25% in November
- European trading hours saw the most selling pressure
- U.S. and Asia markets stayed largely flat
Bitcoin had a tough November, recording one of its weakest performances since 2018. According to Presto Research’s timezone-based analysis, the significant drop in BTC and ETH prices—approximately 20–25%—was largely triggered during European trading hours. In contrast, trading activity during Asian and U.S. market hours remained relatively neutral.
This pattern suggests that European traders were the main drivers of the month-long sell-off. While there could be several reasons behind this trend, such as regional economic data or risk-off sentiment in European financial markets, the data clearly shows that most of the selling happened while Europe was awake.
U.S. and Asia Remained Flat Despite the Volatility
Interestingly, while Europe was unloading digital assets, traders in the U.S. and Asia did not show similar behavior. Both regions saw more stable trading patterns, with minimal net movement over the month. This contrast adds a new layer of insight into how global markets impact cryptocurrency prices differently, depending on the time of day.
For investors and analysts, this timezone-specific behavior could be crucial in better understanding short-term volatility and planning trading strategies around it.
A Historical Perspective on a Weak November
Historically, November has been a mixed month for Bitcoin. The 2023 decline marks the worst November performance since the 2018 crypto bear market. It serves as a reminder that even in broader bull cycles, sharp corrections can still occur. With BTC and ETH shedding a quarter of their value, the month delivered a stark warning to short-term traders banking on end-of-year rallies.
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