Bitcoin saw continued weakness in October and November 2025, deviating from its traditionally bullish pattern. A major drop occurred following US President Trump’s tariffs on China, triggering a historic liquidation event. While the downward trend persisted into November, Citibank has analyzed the reasons behind this decline. Their analysis points to liquidity shortages as a key driver. Citi analysts suggest that Bitcoin’s weakness is linked to the US Treasury’s restrictive liquidity measures and dwindling bank reserves, ultimately impacting its performance. However, they remain optimistic about a combined recovery for Bitcoin and the Nasdaq if liquidity improves by year-end. They highlight the Nasdaq’s reliance on AI, which has been driving strength, but its vulnerability to Bitcoin’s decline due to its sensitivity to liquidity fluctuations is concerning. Despite this uncertainty, Citibank maintains that there is potential upside for both Bitcoin and stocks as liquidity shows signs of improvement. This perspective supports the possibility of a year-end rally, with a recovery for both assets if liquidity rebounds.