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Bitcoin Falls 25% in November as Options Hedging Accelerates Decline

Bitcoin fell roughly 25% in November, entering what market observers call a dangerous phase, Bloomberg reports. The selloff stems from spot market pressure including ETF outflows, liquidation of long-dormant wallet holdings, and reduced momentum investor demand. Options positioning has intensified price swings through gamma exposure dynamics. When Bitcoin breached $85,000 on November 21, concentrated put option demand near that strike forced market makers to hedge significant exposure, with dealers in negative gamma positions selling additional Bitcoin to maintain neutral hedges—a mechanism that accelerates downward moves.
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