Bitcoin drops 16.33% over the past month as ETF withdrawals and miner profits impact the market

As of November 19, 2025,

fell by 1.35% over the past 24 hours, landing at $91,491.7. Over the last week, BTC declined 3.05%, dropped 16.33% in the past month, and is down 1.99% year-over-year.

Canaan Achieves Record Revenue Despite BTC Downturn

Bitcoin mining company

announced a sharp increase in revenue for Q3 2025, reporting $150.5 million in total revenue—a 104% rise compared to the previous year. This surge was fueled by both equipment sales and the company’s own mining operations. However, prices slipped below $90,000 for the first time since April. Following the earnings report, Canaan’s shares jumped nearly 16%, though the company still recorded a net loss of $27.7 million.

The company’s gross profit reached $16.6 million, a significant improvement from the $21.5 million loss posted in Q3 2024.

also sold more than 10 exahashes per second (EH/s) of computing power and increased its digital asset reserves, finishing October with 1,610 BTC and 3,950 ETH.

Looking ahead, Canaan projects Q4 2025 revenue between $175 million and $205 million, reflecting ongoing market shifts. The company also introduced its new A16XP mining rig and secured a major order from an undisclosed U.S. customer.

Bitcoin ETFs Experience Unprecedented Outflows

U.S.-listed spot Bitcoin ETFs are seeing their largest monthly outflows to date, with BlackRock’s

(IBIT) leading the withdrawals. IBIT saw $523 million leave in a single day—the highest since its inception. For November, total ETF outflows reached $2.96 billion, with responsible for $2.1 billion of that amount.

These persistent outflows come despite November’s usual strength for Bitcoin. Analysts point to uncertainty over U.S. Federal Reserve policy, forced liquidations of leveraged positions, and a weakening link between BTC and gold as key factors. Meanwhile, some investors are reallocating funds to alternative coins like

and , which together attracted $289.8 million in inflows during the same period.

Bearish Mood Dominates Market

There has been a notable shift in Bitcoin options, with sentiment turning from bullish to bearish. Put options now make up the majority of open interest, especially at the $85,000 and $80,000 strike prices. Open interest at the $80,000 level has reached $2.05 billion, surpassing the previous high at $140,000. This change signals growing market anxiety and a pessimistic outlook, particularly as Bitcoin has dropped over 25% since October 8.

More traders are purchasing puts to hedge against further declines, with significant volume at the $80,000 December strike. Data from Deribit and Derive.xyz reveal a rising put skew and higher volatility premiums, pointing to increased demand for downside protection. Short-term implied volatility is around 50%, and the put skew has climbed to between +5% and +6.5%.

Profitability Still an Obstacle for Miners

Even with revenue gains and operational progress, Bitcoin miners continue to face profitability issues. American Bitcoin (ABTC) reported $43 million in operational cash outflows for Q3 2025, highlighting the sector’s ongoing cash burn. Other leading miners, including Riot and Marathon, are grappling with similar problems. The industry’s dependence on raising funds through ATM offerings and shareholder dilution remains a significant risk for investors.

Canaan’s adjusted EBITDA (non-GAAP) turned positive at $2.8 million, compared to a $34.1 million loss in Q3 2024. Still, the company recorded a $9.5 million non-cash loss due to preferred share valuations, underscoring the market’s volatility.

Summary

The recent drop in Bitcoin’s price highlights wider market challenges, including ETF outflows, bearish trading sentiment, and ongoing miner struggles. While companies like Canaan have seen revenue improvements, sustained profitability remains difficult. Investors are increasingly turning to alternative coins with practical use cases, and options activity points to continued bearish expectations. The market must contend with these pressures while monitoring long-term adoption and broader economic trends.