Bitcoin -16.33% in 1 Month Amid ETF Outflows and Miner Earnings

On NOV 19 2025, BTC dropped by 1.35% within 24 hours to reach $91491.7, BTC dropped by 3.05% within 7 days, dropped by 16.33% within 1 month, and dropped by 1.99% within 1 year.

Canaan Posts Record Revenues Despite BTC Decline

Bitcoin miner Canaan Inc. reported a significant revenue surge for Q3 2025, with total revenues reaching $150.5 million, a 104% year-over-year increase. The growth was driven by both mining machine sales and self-operated mining operations. Despite this, Bitcoin prices fell below $90,000 for the first time since April. Canaan’s stock rose nearly 16% following the earnings release, although the company still posted a net loss of $27.7 million.

The firm’s gross profit of $16.6 million marked a turnaround from a $21.5 million loss in Q3 2024. Canaan also sold over 10 exahashes per second (EH/s) of computing power and expanded its treasury holdings, ending October with 1,610 BTC and 3,950 ETH.

Canaan expects Q4 2025 revenues between $175-205 million, reflecting ongoing market dynamics. The company also launched the next-generation A16XP mining machine and secured a large order from an unnamed U.S. client.

Bitcoin ETFs Face Record Outflows

U.S. spot Bitcoin ETFs are on track for their worst month of outflows, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the decline. The ETF recorded $523 million in outflows on a single day, the largest since its launch. Total outflows for November reached $2.96 billion, with BlackRock alone accounting for $2.1 billion of the total.

The continued outflows come despite historical tendencies for November to be a strong month for Bitcoin. Analysts attribute the redemptions to uncertainty around U.S. Federal Reserve policy, leveraged position liquidations, and a weakening correlation between BTC and gold. Some investors are shifting capital to alternative coins like Solana and XRP, which have seen inflows totaling $289.8 million in the same period.

Market Sentiment Turns Bearish

Bitcoin options positioning has shifted sharply from bullish to bearish. Puts now dominate open interest, with the $85,000 and $80,000 strikes attracting the most attention. Open interest at the $80,000 strike stands at $2.05 billion, eclipsing the previous top call at $140,000. The shift reflects broader market fears and a bearish outlook, especially as Bitcoin prices have fallen more than 25% since October 8.

Traders are increasingly buying put options for downside protection, with significant activity around the $80,000 strike for December. Deribit and Derive.xyz data show a growing put skew and higher volatility premiums, indicating increased demand for downside insurance. Front-end implied volatility sits around 50%, with the put skew reaching +5%-6.5%.

Miner Profitability Remains a Challenge

Despite revenue growth and operational improvements, Bitcoin miners continue to struggle with profitability. American Bitcoin (ABTC) reported $43 million in cash used in operations for Q3 2025, highlighting the industry’s ongoing cash-burning problem. Other major miners, such as Riot and Marathon, also face similar challenges. The industry’s reliance on raising capital through ATM offerings and diluting shareholders remains a key risk factor for investors.

Canaan’s non-GAAP adjusted EBITDA was positive at $2.8 million, compared to a loss of $34.1 million in Q3 2024. However, the firm still faces a $9.5 million non-cash impact from preferred share valuations, underscoring the volatility of the market.

Conclusion

Bitcoin’s recent price decline reflects broader market pressures, including ETF outflows, bearish positioning, and miner challenges. While Canaan and other miners report improved revenues, profitability remains elusive. Investors are increasingly favoring alternative coins with real-world utility, and options positioning suggests continued bearish sentiment. The market will need to navigate these headwinds while assessing long-term adoption trends and macroeconomic signals.