Bitcoin experienced a notable decline in November 2025, driven largely by activity during U.S. trading hours. New analyses indicate that most of this month’s losses occurred within the time frame when the market was impacted by heightened anxieties about Federal Reserve policy and tech volatility. Price swings were notably subdued in Asian and European sessions, suggesting that US macro dynamics and Wall Street sentiment have been more influential on Bitcoin’s behavior this month. The Impact of U.S. Hours Bitcoin saw a steep drop during U.S. trading hours, a pattern analysts attribute to ongoing uncertainty surrounding the Federal Reserve’s policy stance. Concerns regarding potential tightening or a slower-than-expected path towards easing have fueled a wider risk aversion in both equities and cryptocurrencies. From Record Highs to Bear Market Territory Bitcoin’s November decline saw it plummet by over 20%, bringing it into bear market territory for the month, marking a significant shift from its early October highs near $125,000. This drop was exacerbated by substantial ETF outflows, including nearly $2.2 billion exiting BlackRock’s iShares Bitcoin Trust in November alone. Tech Sector Correlation Intensifies During U.S. session trading, Bitcoin exhibited more pronounced movements similar to high-beta technology stocks than a macro hedge, closely mirroring Nasdaq-style risk sentiment. This behavior highlights Bitcoin’s growing integration with traditional market flows, particularly those tied to liquidity expectations and rate-sensitive assets. Global Sentiment Remains Risk-Off Across markets, investors adopted a defensive stance. With global risk assets selling off, Bitcoin also mirrored this trend, especially in the US, where macroeconomic data releases, Fed speeches, and equity volatility tend to converge. **A Shift Towards Stabilization?** By November 25, Bitcoin showed some signs of stabilization as the most intense selling pressure appeared to subside. After hitting recent lows, the price began a modest rebound, suggesting that forced selling and ETF-driven outflows might be slowing down. Outlook Remains Uncertain However, market participants caution that until clarity emerges from the Federal Reserve regarding their policy stance, Bitcoin is likely to remain highly responsive to developments within US trading hours, where most of this month’s declines concentrated.