Bitcoin Dropped Below $100,000 for the First Time Since June, While the Czech Central Bank Bought BTC

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• Bitcoin’s price dropped below $100,000 for the first time since June. 
• The Czech National Bank becomes the first central bank in Europe to buy Bitcoin. 
• Bitcoin ETFs saw record trading volume of over $40 billion in one week in November. 
• Bitcoin (BTC) closed the month 19.7% lower, while Ether (ETH) is down 24.9% versus last month.*

Market Overview - November 

The price of Bitcoin (BTC) decreased by 19.7% in November, closing the month at approximately $91,100*. 

For the first time since late June, Bitcoin dropped below $100,000, trading as low as $80,000 at one point. On-chain data suggests that long-term holders and large wallets sold roughly 400,000 BTC over the past month, which contributed to the move below $100,000.

The $100,000 mark was tested multiple times, holding briefly, but spot Bitcoin ETF outflows, heightened risk aversion, and tech stock selling pushed Bitcoin to five-month low in the third week of November. 

Bitcoin spent the remainder of the month recovering from its low of $80,000, closing at around $91,000, which has made this one of the weakest Novembers for the cryptocurrency in recent years. 

Crypto Asset Market Performance Review 

November was a red month for the entire crypto asset market, with leading coins down by over 15%. 

Upon closer examination of on-chain data, many whales holding up to 10,000 coins in their wallets sold rapidly, dragging the entire crypto asset market down with them. 

Bitcoin (BTC) finished the month down 19.7%, while Ether (ETH) dropped by 24.9%. Other popular crypto assets saw even larger corrections. Cardano (ADA), Solana (SOL), and Ripple (XRP) ended the month in the red, with declines of 33.3%, 28.4%, and 15.6%, respectively. 

The only crypto assets with modest corrections this month were Bitcoin Cash (BCH), which declined only 4.2%, and Hyperliquid (HYPE), which declined 5.2%. 

Institutional Interest in Bitcoin

In November, the Czech National Bank made headlines by buying Bitcoin and other digital assets as part of a test digital asset portfolio. Spot Bitcoin ETFs also made headlines by recording a record week with over $40 billion in trading volume. 

Czech National Bank Becomes the First Central Bank in Europe to Buy Bitcoin and Digital Assets

The Czech National Bank was the first central bank in Europe to announce interest in using Bitcoin as a strategic reserve asset back in February this year. In November, the central bank followed up on that interest by buying $1 million worth of Bitcoin and other digital assets as a test. 

According to their press release, the purpose of the portfolio is to gain practical experience with holding digital assets and to implement and test the necessary related processes. They are actively buying and testing the use of digital assets, and they followed up their purchase by releasing a report outlining their research on Bitcoin. 

With this purchase, the Czech National Bank becomes the second state in Europe, after Luxembourg, to buy and hold Bitcoin. According to the CNB, more updates and research reports about the matter will follow in the coming months. 

Spot Bitcoin ETFs Recorded a $40+ Billion Week in Trading Volume

November was a month in the red for U.S. spot Bitcoin ETFs, with significant outflows and a decrease of over 25% in assets under management. Nonetheless, the spot Bitcoin ETFs celebrated another record despite the downward sentiment, recording $40+ billion in trading volume in the third week of November. 

During that week, the BlackRock Bitcoin ETF (IBIT) accounted for nearly 70% of total trading volume (over $27 billion). The BlackRock fund also recorded the largest volume on Friday, November 21, accounting for $8 billion of the total $11.01 billion in trading volume that day.

Despite Bitcoin's overall price drawdown, all U.S. spot Bitcoin ETFs combined hold over $117 billion in assets under management and account for 6.56% of the total Bitcoin market cap. 

Bitcoin on Balance Sheets

Strategy, the largest publicly traded holder of Bitcoin, continued its efforts to buy Bitcoin as a strategic reserve asset. In November, the company purchased 9,062 BTC, bringing its total balance sheet holdings to 649,870 BTC.

Metaplanet, a publicly traded Japanese company, announced in November that it executed a $130 million loan collateralized by its Bitcoin holdings. Metaplanet currently holds 30,823 BTC on its balance sheet. 

DDC Enterprise Limited, a publicly traded company in the U.S., announced a 100 BTC purchase in November, bringing the company’s total Bitcoin balance to 1,183 BTC.  

Bitdeer Technologies Group, a publicly traded miner in Singapore, was the first company to sell portions of its Bitcoin holdings in November. The company bought a total of 290.1 BTC throughout the month, but also sold 385.6 BTC on November 24. They currently hold 2,085 BTC on their balance sheet. 

‍*Closing price data is from November 28th 2025, at 10:00 CET