Bitcoin is heading for its worst month since June 2022, currently hovering around $88k. That is roughly 30% off the October all-time high of $126k. There are three main issues right now. First, ETF outflows reached $3.5B in November which is the largest amount since February. Second, stablecoin market cap has dropped by $4.6B, suggesting money is leaving the ecosystem entirely rather than just sitting on the sidelines. Third, long-term holders are selling into the downturn. While there are hints of a Fed rate cut in December, analysts expect any bounce to be short-lived. Corporate buying has slowed down, with MSTR not announcing any purchases this week. Miners like IREN, RIOT, and MARA are also down over 30%.