Quick Take
November 2023 was another robust month for Bitcoin, which saw a surge of almost 7% over 30 days. The month was marked with several highlights, including setting a new year-to-date high by crossing the $38,000 mark. This was attributed to noticeable premiums on CME and Coinbase, signaling bullishness within the U.S. market.
However, it was not a smooth ride, as there were substantial liquidations. Notably, Nov. 9 witnessed a drastic estimated total of $500 million in crypto liquidations within a day. Despite these fluctuations, November 2023 was noteworthy as it is the first time since 2020 that Bitcoin posted a positive return for this month, the previous instance being in 2017.
Adding to the highlights, Purpose Bitcoin ETF holdings also scaled a year-to-date high. Furthermore, the Bitcoin network saw a surge in its hash rate, reaching an all-time high. This indicates a growing number of miners attracted by the prospects of high returns, enhancing the security and robustness of the Bitcoin network.
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