Contents

Summary
1. Performance
   1.1 Top 10 Coins by Market Cap
   1.2 Returns by Timezone
   1.3 BTC Monthly Returns Matrix
   1.4 BTC and ETH monthly returns YTD
   1.5 BTC dominance
2. ETF Flows
   2.1 Aggregate BTC ETF Flows
   2.2 BTC ETF Flows in November
   2.3 BTC ETF Share by Product
3. Basis & Funding Rates
   3.1 CME Futures Basis (Monthly)
   3.2 CME Futures Basis
   3.3 OI-Weighted Funding APR
   3.4 Futures Basis
4. Volumes
   4.1 Total Derivatives Volume
5. Options
   5.1. BTC and ETH Put/Call Ratio
   5.2. Skew
   5.3. Risk Reversals
   5.4. Butterfly
   5.5. IV
   5.6. RV
   5.7. IV-RV
6. On-Chain
   6.1. Chain TVL Change
Appendix
Data Partners

Summary

November opened under pressure as the US government shutdown pushed past the one-month mark, freezing key data releases and leaving markets to trade on incomplete information. Risk sentiment swung day by day. Early optimism around China suspending rare-earth export controls and softening chip-sector investigations faded as global political headlines escalated: Beijing warned Tokyo of “substantive retaliation” over Taiwan comments, UK fiscal uncertainty resurfaced, and Japan’s GDP contracted more than expected. Rates oscillated in thin liquidity, the dollar stayed bid, and equities struggled for direction. The shutdown finally ended mid-month, but uncertainty lingered as investors waited to see how delayed labour and inflation prints would be handled. Fed communication turned mixed: Collins signalled a high bar for further easing, while Williams leaned dovish and opened the door to near-term adjustments. Into Thanksgiving week, NVDA earnings, accidental early release of the UK’s fiscal projections, and fresh geopolitical noise around Ukraine kept volatility elevated. By month-end, with the Fed entering blackout and Trump hinting at his chosen Fed chair, markets tilted risk-off again as curves sold off and equities faded. 

Crypto traded heavy through November. BTC slid from above 105k to the low-80s, while ETH retreated from almost 4k toward 2.6k, tracking weaker macro sentiment and persistent ETF outflows. The iShares Bitcoin Trust recorded over $2.2B in net outflows by the 24th, the largest monthly total on record, reinforcing a steady bleed in institutional demand. Volatility stayed reactive, with fronts widening on down-moves and skew leaning put-heavy as traders sought protection amid the broader unwind. Attempts at relief rallies were shallow as tech-sector weakness and shutdown-related uncertainty limited risk appetite. By month-end, BTC hovered near 86.5k and ETH near 2.8k, both consolidating lower ahead of the delayed PCE print that would shape expectations for the December FOMC. 

Flows were defensive throughout. Early in the month traders sold 28Nov 108k/102k BTC put spreads, lifted short-dated ETH puts, and later rotated into BTC December flies such as the 112k/120k/150k structure as vols retraced. As the shutdown neared resolution, downside regained focus: deep OTM 80k BTC puts were lifted, 26Dec 108k/95k put spreads were sold, and risk-reversals targeting the 90k area printed as spot slid. Mid-month saw continued defensive positioning, with 90k BTC puts lifted at 53v while ETH flows concentrated in rolling 4k calls. Activity peaked around US Thanksgiving, with a 26Dec 100k/106k/112k/118k BTC condor traded and $3.8B in Paradigm volume, over half of Deribit’s total. Into the start of December, traders leaned aggressively into downside again, lifting 5Dec 75k BTC puts at 84v and 12Dec 2k ETH puts at 110v, while also reaching out to June for 80k BTC downside exposure. By month-end the market had reset positioning lower, skew remained firm to the downside, and vols stayed elevated as traders braced for the final inflation print before the December Fed decision.