41% Avg ROI: Bitcoin's 'Strongest Month' Loses Grip

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GM! The market has refused to budge, and November, the savior month, hasn’t been able to do much either.

Historically, this has been Bitcoin’s “strongest month.'“ Since 2013, November’s ROI has dropped to the negative territory only four times, with 2018 seeing the sharpest decline of around 37%. Other three times, the losses have been capped in the 7%-17% bracket.

So far, we’re down by more than 15% this month, and it very well could end up being the fifth red November in the history of BTC.

Adding on to the not-so-good news part, BlackRock's iShares Bitcoin Trust (IBIT) registered its largest daily net outflow of $523.15 million yesterday.

In fact, when zoomed out, the net outflow figure over the past five days sum up to $1.43 billion, which is kinda brutal.

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The important bits.

• LayerZero-based USDai crosses $1 billion in cross-chain volume in ~2 months, details here

• New AI-related market drops on XO Market, check here

• The Magic x Polygon case study, read here

• Jumper Pass Party winners are out, details here

• The first stage of Kyan’s Layer3 campaign is now live, read here

Even more important bits.

• Hyperliquid unveils HIP-3 growth mode, slashing fees by 90%, read here.

• Saudi Arabia to invest $1 trillion in the US, read here.

• Malaysia uncovers $1 billion in power theft losses from illegal crypto mining, read here.

• Pump’s new ‘Mayhem Mode’ fails to boost token launches or revenue in first week, read here.

• Monad’s mega ICO falls flat: Where did the hype go? read here.

Charts and stats of the day.

• Current state of the fear and greed index, chart here.

• Coinbase premium gap at -$90, chart here.

• Automated onchain yield strategies institutional vs. retail breakdown, chart here.

• Stablecoin transaction volume, stats here.

ICYMI.

Today’s bulletin:

Hyperliquid just dropped a pretty sick upgrade called HIP-3 growth mode, and it’s all about letting markets launch faster, cheaper, and way more permissionlessly.

Instead of waiting for validators to approve listings, anyone can now spin up new markets on Hyperliquid - literally just launch and go.

The real kicker? Fees get slashed hard. Growth mode markets can run taker fees as low as 0.0045%–0.009%, and heavy-volume or staked traders can go even lower.

Basically: cheaper trades > more order flow > easier liquidity bootstrapping for assets that normally struggle after launch > asset offerings on Hyperliquid broaden > Its position vs. CEXs further gets cemented.

Telemetry data of the day.

Top trending tokens for the last 24h:

If you want to access more of this type of data and trade freshly graduated tokens on PumpFun or Bonk, visit Telemetry here (it’s free).

• Curated, a DeFi deal platform

• AIUSD, a financial OS for AI agents

To save you doom scrolling.

Hallelujah!

Maybe, just maybe, November hasn’t lost its reputation just yet. With 11 days still on the calendar, the accumulation trend that we flagged yesterday could just gather enough momentum to drown out the panic sell-off.

And if that happens, we might just pull off a late-game redemption after all.

Edyme, Lavina 🫡