{"id":70957,"date":"2022-12-05T09:26:59","date_gmt":"2022-12-05T07:26:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70957"},"modified":"2025-09-08T05:17:16","modified_gmt":"2025-09-08T02:17:16","slug":"november-in-numbers-the-ftx-collapse-outflows-from-centralized-exchanges-and-the-capitulation-of-bitcoin-miners","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/november-in-numbers-the-ftx-collapse-outflows-from-centralized-exchanges-and-the-capitulation-of-bitcoin-miners\/","title":{"rendered":"November in numbers: the FTX collapse, outflows from centralized exchanges, and the capitulation of Bitcoin miners"},"content":{"rendered":"<div class=\"wp-block-monthly-reviews-top-blk review_top_blk\">\n<h2 class=\"wp-block-heading\">Key<\/h2>\n<ul class=\"wp-block-list\">\n<li>Bitcoin hit a two-year low, once again failing to hold above $20,000.<\/li>\n<li>Market capitalisation slipped below $900 billion amid FTX&#8217;s bankruptcy.<\/li>\n<li>Users showed notable interest in decentralised exchanges and non-custodial wallets.<\/li>\n<li>Ethereum futures volume for the second time in history surpassed that of Bitcoin.<\/li>\n<li>Total ETH across centralised exchanges declined by 15%.<\/li>\n<li>November saw the fourth-largest capitulation by Bitcoin investors.<\/li>\n<li>The miner crisis worsened markedly \u2014 equipment is being shut down and crypto reserves are being sold.<\/li>\n<li>Bitcoin mining output fell by 20% in November.<\/li>\n<li>Foundry USA&#8217;s share of Bitcoin\u2019s hashrate rose above 26%.<\/li>\n<li>TVL of DeFi apps fell 22%. Solana\u2019s metric collapsed by 70%.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Chronicle of the FTX crash<\/h2>\n<div class=\"or_custom_dex review_timelines nobg onecol\">\n<div class=\"review_single_timeline_blk first\">\n<div class=\"timeline_axis\"><\/div>\n<div class=\"timeline_tooltip\" data-num=\"1\"><strong>6 November<\/strong>Binance CEO <a href=\"https:\/\/t.me\/forklog\/28424\">Changpeng Zhao<\/a> <a href=\"https:\/\/forklog.com\/en\/news\/alameda-research-says-it-would-buy-ftt-from-binance-at-22-per-token\">stated<\/a> his intention to divest from the FTX Token (FTT), which together with BUSD totalled about $2.1 bln as the company exited its portfolio investment in FTX. Alameda Research CEO Caroline Ellison said she was prepared to buy FTT at $22 per unit.<\/div>\n<div class=\"timeline_tooltip\" data-num=\"2\"><strong>8 November<\/strong>FTT price <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-price-sinks-below-20000\">fell<\/a> sharply. Investors rushed to dump the utility token and other assets tied to FTX and Alameda (Solana, Serum). In the evening, FTX founder Sam Bankman-Fried reassured that user funds were safe despite withdrawal complaints. It later emerged that $6 bln had been withdrawn from the platform within 72 hours. Binance CEO Changpeng Zhao <a href=\"https:\/\/forklog.com\/en\/news\/binance-chief-changpeng-zhao-announces-purchase-of-ftx\">announced<\/a> that FTX had approached the firm for help and that a potential takeover was being discussed. Bitcoin price dropped to about $17,000.<\/div>\n<div class=\"timeline_tooltip\" data-num=\"3\"><strong>9 November<\/strong>Coin Metrics analysts <a href=\"https:\/\/forklog.com\/en\/news\/coin-metrics-identifies-possible-cause-of-ftx-crisis\">named<\/a> a possible cause of the FTX crisis \u2014 the exchange lent Alameda Research FTT worth $4.19 bln. In the evening Binance <a href=\"https:\/\/forklog.com\/en\/news\/binance-abandons-bid-for-ftx-justin-sun-says-he-will-help-find-a-solution\">refused<\/a> to acquire the exchange, citing significant balance discrepancies. FTT price fell below $2.50. Tron founder Justin Sun said that he and FTX are working on a rescue plan for the company.<\/div>\n<div class=\"timeline_tooltip\" data-num=\"4\"><strong>10 November<\/strong>Bitcoin <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-tests-below-16000-as-ethereum-breaches-1100\">tested<\/a> the $16,000 level, and Ethereum fell below $1,100. In a joint decision with Justin Sun, a limited withdrawal of funds in TRX, JST, BTT and other Tron ecosystem assets <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-tests-below-16000-as-ethereum-breaches-1100\">became<\/a> available.<\/div>\n<div class=\"timeline_tooltip\" data-num=\"5\"><strong>11 November<\/strong>FTX affiliates around the world began <a href=\"https:\/\/forklog.com\/en\/news\/japan-regulator-orders-local-ftx-unit-to-suspend-operations\">closing<\/a>. The balance-sheet hole was <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-and-wsj-report-an-8-billion-hole-in-ftx-balance-sheet\">estimated<\/a> at $4\u20138 bln, while Bankman-Fried <a href=\"https:\/\/forklog.com\/en\/news\/media-sam-bankman-fried-acknowledged-alameda-researchs-10-billion-debt-to-ftx\">was seeking<\/a> $10 bln. The company <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">filed<\/a> for bankruptcy. At the same time, unknown entities <a href=\"https:\/\/forklog.com\/en\/news\/unknown-actors-moved-more-than-400-million-from-ftx-wallets\">withdrawn<\/a> more than $400 mln from FTX.<\/div>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\">Dynamics of leading assets<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"457\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Btc-66-1024x457.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192384\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Btc-66-1024x457.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Btc-66-300x134.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Btc-66-768x343.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Btc-66-1536x685.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/Btc-66.png 1834w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Bitcoin price chart against USDT on Binance. Data: <a href=\"https:\/\/ru.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"489\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Eth-60-1024x489.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192385\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Eth-60-1024x489.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Eth-60-300x143.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Eth-60-768x366.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Eth-60-1536x733.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/Eth-60.png 1834w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Bitcoin chart<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Bitcoin reached a November low not seen since late 2020, briefly dipping below $20,000. For the month, it fell 16.2%. It has been exactly one year since Bitcoin established an all-time high of $69,000.<\/li>\n<li>Ethereum managed to hold the $1,000 level. It corrected by 17.6%.<\/li>\n<li>Total market capitalisation dipped below $1 trillion again, reaching $850 billion by December 1 (intraday below $800 billion).<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"250\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Gainers-29-1024x250.png\" alt=\"Gainers &#038; Losers of the month\" class=\"wp-image-192387\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Gainers-29-1024x250.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Gainers-29-300x73.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Gainers-29-768x187.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Gainers-29-1536x374.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/Gainers-29.png 1617w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Gainers &#038; Losers of the month (projects with market cap > $200 mln and volume traded > $1 mln). Data: <a href=\"https:\/\/messari.io\/screener\/monthly-gainers-(copy)-E99DF2E8\">Messari<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"249\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Losers-28-1024x249.png\" alt=\"Solana, Aptos and Near among losers\" class=\"wp-image-192388\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Losers-28-1024x249.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Losers-28-300x73.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Losers-28-768x187.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Losers-28.png 1617w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Among mid-cap assets, Trust Wallet Token (TWT), Mask Network (MASK) and Litecoin (LTC) showed the strongest gains. TWT\u2019s rise was driven by centralised exchanges\u2019 attention to non-custodial wallets amid the FTX crisis and other players. Early in the month, MASK from the Mask Network protocol entered the Binance Bluebirds index. The project is a browser extension enabling encrypted messaging, crypto transfers, and other Web3 operations without leaving social networks. The community speculated about integrating the token with Twitter, given its surname match with the platform\u2019s new owner \u2014 Elon Musk. LTC\u2019s rise was linked to the forthcoming halving in eight months.<\/li>\n<li>Among the underperformers were projects backed by FTX and Alameda Research \u2014 Solana (SOL), Aptos (APT), Near Protocol (NEAR). With rumours of trouble at another US platform \u2014 Crypto.com \u2014 its CRO token also fell.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk\">\n<h3>Equities of crypto-related companies<\/h3>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>MicroStrategy (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-MSTR\/\">MSTR<\/a>): <br \/><span style=\"color: #FA0021\">-22.9%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Coinbase (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-COIN\/\">COIN<\/a>): <br \/><span style=\"color: #FA0021\">-27.7%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Bakkt (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NYSE-BKKT\/\">BKKT<\/a>): <br \/><span style=\"color: #FA0021\">-18.4%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Galaxy Digital (<a href=\"https:\/\/ru.tradingview.com\/symbols\/TSX-GLXY\/\">GLXY<\/a>): <br \/><span style=\"color: #FA0021\">-33.2%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<h3>Mining-equipment firms&#8217; stock performance<\/h3>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Canaan (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-CAN\/\">CAN<\/a>): <br \/><span style=\"color: #FA0021\">-13.9%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Ebang International (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-EBON\/\">EBON<\/a>): <br \/><span style=\"color: #FA0021\">-51.8%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Riot Blockchain (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-RIOT\/\">RIOT<\/a>): <br \/><span style=\"color: #FA0021\">-27.9%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Hut 8 (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-HUT\/\">HUT<\/a>): <br \/><span style=\"color: #FA0021\">-45.7%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Marathon Digital (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-MARA\/\">MARA<\/a>): <br \/><span style=\"color: #FA0021\">-48.2%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_half\">\n<p style=\"font-size:24px\"><strong>Core Scientific (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-CORZ\/\">CORZ<\/a>): <br \/><span style=\"color: #FA0021\">-25.9%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<p>The crypto-linked company crisis and the public miners became more visible \u2014 all ForkLog-tracked structures posted double-digit losses in November. Miners&#8217; troubles are exacerbated not only by falling crypto prices but also by macroeconomic factors, forcing them to <a href=\"https:\/\/forklog.com\/en\/news\/wsj-reports-bitcoin-miners-on-sale-with-discounts-exceeding-70\">offload<\/a> equipment at steep discounts.<\/p>\n<p>After Core Scientific faced bankruptcy threats last month, and Compute North filed for bankruptcy, Iris Energy joined the list. After <a href=\"https:\/\/forklog.com\/en\/news\/core-scientific-faces-bankruptcy-risk\">notice<\/a> of default, the company was forced to <a href=\"https:\/\/forklog.com\/en\/news\/iris-energy-faces-103-million-default-notice\">power down<\/a> part of its equipment. Canaan\u2019s quarterly profit <a href=\"https:\/\/forklog.com\/en\/news\/canaans-q3-profit-plunges-90\">plunged<\/a> by 90%. <br \/>But not all was bleak. Foundry Digital <a href=\"https:\/\/forklog.com\/en\/news\/foundry-to-buy-two-mining-centres-from-the-bankrupt-compute-north\">entered into an agreement<\/a> to buy two Compute North mining facilities, and <a href=\"https:\/\/forklog.com\/en\/news\/riot-blockchain-slashes-quarterly-loss-tenfold\">Riot Blockchain<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/marathon-digital-narrows-quarterly-loss-to-75-4-million\">Marathon Digital<\/a> reduced quarterly losses.<\/p>\n<\/div>\n<h2 class=\"wp-block-heading\">Macro backdrop<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"287\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Pred-mezhdu-10-letnimi-i-1-3-letnimi-gosobligatsiyami.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192398\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Pred-mezhdu-10-letnimi-i-1-3-letnimi-gosobligatsiyami.png 512w, https:\/\/forklog.com\/wp-content\/uploads\/Pred-mezhdu-10-letnimi-i-1-3-letnimi-gosobligatsiyami-300x168.png 300w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><figcaption class=\"wp-element-caption\">Spread between 10-year and 1\u20133-year government bonds as part of the Bloomberg Global Aggregate Bond index. Data: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-29\/global-yield-curve-inverts-in-signal-a-recession-is-brewing\">Bloomberg<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Headline CPI in the US in October slowed from 8.2% to 7.7%, with core CPI easing from 6.6% to 6.3%. This was better than expectations of 7% and 6.5%, respectively.<\/li>\n<li>For the first time since data collection began in 2000, Bloomberg Global Government Bond index components formed an inverted yield curve. This signal points to a coming recession in the global economy.\u00a0\u00a0<\/li>\n<li><a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">FTX collapse<\/a> sparked<a href=\"https:\/\/forklog.com\/en\/news\/how-the-collapse-of-ftx-and-alameda-research-will-affect-the-crypto-industry\"> a wave of deleveraging and bankruptcies<\/a>, erasing the price correlation between digital assets and the stock market. The stock market, supported by expectations of a softer monetary-policy path, nearly recovered August\u2013September losses (as shown by the S&#038;P 500).<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Market moods, correlations and volatility<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"497\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-13-1024x497.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192499\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-13-1024x497.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-13-300x146.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-13-768x373.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-13-1536x746.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-13.png 1561w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">90-day correlation indicators. Data: <a href=\"https:\/\/www.blockchaincenter.net\/en\/cryptocurrency-correlation-study\/?timeframe=90days&#038;asset1=SP500&#038;asset2=BTC\" title=\"\">BlockchainCenter<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"524\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-bvol24h-5-1024x524.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192500\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-bvol24h-5-1024x524.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-bvol24h-5-300x153.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-bvol24h-5-768x393.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-bvol24h-5.png 1339w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">BVOL24H historical intraday volatility index for Bitcoin. Data: <a href=\"https:\/\/www.bitmex.com\/app\/index\/.BVOL24H\" title=\"\">BitMEX<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Despite the FTX collapse, the statistical correlation of Bitcoin with the US equity market changed little in November. The 90-day moving average stood at 0.49 for the S&#038;P 500 and 0.46 for the Dow (vs 0.54 and 0.47 in October).<\/li>\n<li>Such dynamics suggest macro factors continue to have significant influence on digital assets.<\/li>\n<li>The correlation of Bitcoin with gold continues to rise (0.21 vs 0.19 in October). By comparison, in November 2021 the figure stood at 0.02.<\/li>\n<li>The average value of the Bitcoin intraday volatility index (BVOL24H) was 2.9% (1.9% in October). At the peak the indicator reached June&#8217;s reading (9.3%). The extreme occurred on 8 November \u2014 precisely when much of the community learned of Sam Bankman-Fried&#8217;s companies&#8217; problems.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"591\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-12-1024x591.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192402\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-12-1024x591.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-12-300x144.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-12-768x368.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-12.png 1276w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Fear-and-Greed Index dynamics. Data: <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">alternative.me<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"774\" height=\"151\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Indeks-straha-i-zhadnosti2-7.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192403\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Indeks-straha-i-zhadnosti2-7.png 774w, https:\/\/forklog.com\/wp-content\/uploads\/Indeks-straha-i-zhadnosti2-7-300x59.png 300w\" sizes=\"auto, (max-width: 774px) 100vw, 774px\" \/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In October, the Fear &#038; Greed Index left the \u2018extreme fear\u2019 band, but in early November it returned to that zone. The average reading was 25.9 (24.4 a month earlier).<\/li>\n<li>FTX and Alameda Research problems undermined investors\u2019 confidence in the digital-asset industry. Additional pressure comes from unstable macroeconomic and geopolitical conditions, as well as the US Federal Reserve\u2019s tightening stance.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">On-chain data<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"516\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Puell-1024x516.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192408\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Puell-1024x516.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Puell-300x151.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Puell-768x387.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Puell.png 1098w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Puell Multiple dynamics. Data: <a href=\"https:\/\/www.lookintobitcoin.com\/charts\/puell-multiple\/\">LookIntoBitcoin<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"774\" height=\"151\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Indeks-straha-i-zhadnosti2-7.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192403\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Indeks-straha-i-zhadnosti2-7.png 774w, https:\/\/forklog.com\/wp-content\/uploads\/Indeks-straha-i-zhadnosti2-7-300x59.png 300w\" sizes=\"auto, (max-width: 774px) 100vw, 774px\" \/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Of all investor types, the aggregate realized losses stood at 56% of Bitcoin\u2019s market cap. In prior bear cycles the figure also exceeded 50%.<\/li>\n<li>The value of on-chain indicator aSOPR <a href=\"https:\/\/forklog.com\/en\/news\/when-will-bitcoins-price-resume-its-rise-a-guide-to-on-chain-indicators\">has<\/a> fallen to December 2018 levels. Such lows indicate mass selling at a loss and market pessimism.<\/li>\n<\/ul>\n<\/div>\n<h3 class=\"wp-block-heading\"><strong>Ethereum<\/strong><\/h3>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"508\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-sutochnogo-chisla-sozhzhennyh-eth-11-1024x508.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192419\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-sutochnogo-chisla-sozhzhennyh-eth-11-1024x508.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-sutochnogo-chisla-sozhzhennyh-eth-11-300x149.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-sutochnogo-chisla-sozhzhennyh-eth-11-768x381.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-sutochnogo-chisla-sozhzhennyh-eth-11.png 1360w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamics of the daily number of ETH burnt. Data: <a href=\"https:\/\/etherscan.io\/chart\/dailyethburnt\">Etherscan<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"506\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Balansy-ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-eth-zadei-stvovannogo-v-smart-kontraktah-1024x506.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192420\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Balansy-ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-eth-zadei-stvovannogo-v-smart-kontraktah-1024x506.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Balansy-ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-eth-zadei-stvovannogo-v-smart-kontraktah-300x148.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Balansy-ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-eth-zadei-stvovannogo-v-smart-kontraktah-768x379.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Balansy-ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-eth-zadei-stvovannogo-v-smart-kontraktah.png 1428w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">ETH balances on centralised exchanges and share of ETH supply in use in smart contracts. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=&#038;m=distribution.BalanceExchanges&#038;s=1633167919&#038;u=1635759919&#038;zoom=30\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Since the activation of EIP-1559, more than 2.74 mln ETH have been burned. In November 53,155 ETH were burnt (58,115 in October).<\/li>\n<li>According to Glassnode, since Ethereum\u2019s shift to Proof-of-Stake, net issuance amounted to only 2,317 ETH. Of the validators, 131,464 ETH are staked, and 129,137 ETH were burnt.<\/li>\n<li>Ultrasound Money shows that in November the largest burner by number of burnt coins was the Uniswap v3 protocol \u2014 4,493 ETH burnt for its activity.<\/li>\n<li>Second place by this metric was user-to-user transactions (3,255 ETH). The trend is connected, among other things, to Ethereum withdrawals from balances on centralised exchanges amid the FTX collapse.<\/li>\n<li>By end-November, total ETH on centralised-exchange wallets fell by 15% \u2014 more than 3.5 million ETH left.\n<li>The share of ETH locked in DeFi smart contracts stood at 26.71% (27.97% in October).<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"513\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-eth-na-depozitnom-kontrakte-ethereum-2 0-i-chislo-validatorov-9-1024x513.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192422\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-eth-na-depozitnom-kontrakte-ethereum-2%200-i-chislo-validatorov-9-1024x513.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-eth-na-depozitnom-kontrakte-ethereum-2%200-i-chislo-validatorov-9-300x150.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-eth-na-depozitnom-kontrakte-ethereum-2%200-i-chislo-validatorov-9-768x385.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-eth-na-depozitnom-kontrakte-ethereum-2%200-i-chislo-validatorov-9.png 1344w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Total ETH in staking and number of network validators. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=ETH%202.0&#038;m=eth2.StakingTotalVolumeSum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>By November, total ETH staked exceeded 15.44 million. The monthly rise was 5.2%, higher than October\u2019s 4.25%.<\/li>\n<li>The number of unique ETH addresses staking 32 ETH or more reached 482,561. These wallets can validate transactions and earn rewards in the cryptocurrency.<\/li>\n<\/ul>\n<\/div>\n<h3 class=\"wp-block-heading\"><strong>Lightning Network<\/strong><\/h3>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-lightning-network-12-1024x576.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192424\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-lightning-network-12-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-lightning-network-12-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-lightning-network-12-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-lightning-network-12.png 1224w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Lightning Network capacity over time. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=lightning.NetworkCapacitySum&#038;s=1667260800&#038;u=1669841999&#038;zoom=\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"554\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Chislo-nod-i-kolichestvo-kanalov-seti-lightning-network-11-1024x554.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192426\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Chislo-nod-i-kolichestvo-kanalov-seti-lightning-network-11-1024x554.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Chislo-nod-i-kolichestvo-kanalov-seti-lightning-network-11-300x162.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Chislo-nod-i-kolichestvo-kanalov-seti-lightning-network-11-768x415.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Chislo-nod-i-kolichestvo-kanalov-seti-lightning-network-11.png 1183w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Number of nodes and channels on the Lightning Network. Data: <a href=\"https:\/\/studio.glassnode.com\/dashboards\/btc-lightning-network\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>By November, Lightning Network capacity stood at 4,757 BTC. This was slightly lower than in the previous month.<\/li>\n<li>The number of LN nodes fell by 3.6%, channels by 2%. The network has not recovered from October\u2019s outage caused by a complex Bitcoin txn.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Mining, hash rate, fees<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"465\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Heshrei-t-bitkoina-1024x465.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192428\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Heshrei-t-bitkoina-1024x465.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Heshrei-t-bitkoina-300x136.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Heshrei-t-bitkoina-768x348.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Heshrei-t-bitkoina.png 1448w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Bitcoin hash-rate dynamics. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Miners&#038;m=mining.HashRateMean&#038;s=1656844736&#038;u=1664620736&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"400\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5-1024x400.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192429\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5-1024x400.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5-300x117.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5-768x300.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5-1536x601.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5.png 1818w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hashprice dynamics for Bitcoin. Data: <a href=\"https:\/\/charts.coinmetrics.io\/network-data\/\">Coin Metrics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Against a backdrop of a deep market correction, Bitcoin\u2019s hash-rate (7 MA) fell to 234 EH\/s, roughly matching late September levels. The metric later rebounded slightly but remained flat for the month.<\/li>\n<li>Mining difficulty reached 36.95 T, a record high for Bitcoin.<\/li>\n<li>The drop in the price of digital gold with relatively stable hash rate and rising difficulty exerted pressure on the hashprice. The metric hit new lows, at $0.056 per TH\/s, and could push more miners out of the market should it fall further.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"653\" height=\"441\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Mining-pools.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192430\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Mining-pools.png 653w, https:\/\/forklog.com\/wp-content\/uploads\/Mining-pools-300x203.png 300w\" sizes=\"auto, (max-width: 653px) 100vw, 653px\" \/><figcaption class=\"wp-element-caption\">Top Bitcoin mining pools. Data: <a href=\"https:\/\/btc.com\/stats\/pool?pool_mode=month\">BTC.com<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Foundry USA consolidated its lead among the largest pools \u2014 its share of total hashrate is now 26.4%. Behind it are AntPool, F2Pool and Binance Pool. Binance Pool\u2019s share rose from 12.4% to 13.1% during the month.<\/li>\n<li>In November Binance Pool <a href=\"https:\/\/forklog.com\/en\/news\/binance-launches-cloud-mining-service-for-bitcoin\">launched<\/a> a Cloud Mining service, enabling users to purchase hashrate and mine Bitcoin in the cloud. This could bolster the pool\u2019s share of total hashrate and intensify competition in the segment.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"991\" height=\"475\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dohodov-bitkoin-mai-nerov-po-mesyatsam.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192431\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dohodov-bitkoin-mai-nerov-po-mesyatsam.png 991w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dohodov-bitkoin-mai-nerov-po-mesyatsam-300x144.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dohodov-bitkoin-mai-nerov-po-mesyatsam-768x368.png 768w\" sizes=\"auto, (max-width: 991px) 100vw, 991px\" \/><figcaption class=\"wp-element-caption\">Bitcoin miners\u2019 revenue by month. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Miners&#038;m=mining.RevenueSum&#038;s=1662154530&#038;u=1669934130&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"588\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Mean-tx-fees-1024x588.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192432\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Mean-tx-fees-1024x588.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Mean-tx-fees-300x172.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Mean-tx-fees-768x441.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Mean-tx-fees.png 1093w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Average fee per BTC- and ETH-transaction. Data: <a href=\"https:\/\/charts.coinmetrics.io\/network-data\/\">Coin Metrics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Total miners\u2019 revenue in November fell 20% to $473.2 mln. Transaction-fee revenues were $12 mln, notably higher than in October.<\/li>\n<li>The drop in mining activity coincided with falling crypto prices and rising network difficulty.<\/li>\n<li>Against the backdrop of FTX turmoil and higher on-chain activity, the average Ethereum transaction fee rose toward $7 \u2014 last seen in June 2022. It soon stabilised around $2.<\/li>\n<li>The average Bitcoin transaction fee rose to a local peak of $2.59.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Volume of trades<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"573\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Obem-torgov-11-1024x573.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192434\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Obem-torgov-11-1024x573.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Obem-torgov-11-300x168.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Obem-torgov-11-768x430.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Obem-torgov-11.png 1199w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Trading volume on leading spot exchanges, $ bln. Data: <a href=\"https:\/\/www.theblockcrypto.com\/data\/crypto-markets\/spot\">The Block<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>In November, trading volume on leading spot platforms tracked by ForkLog rose 22%, despite the FTX structural collapse. The composite figure reached $689 bln, of which $495 bln (70%) belonged to Binance. The exchange became the main beneficiary of FTX International&#8217;s collapse. Centralised trades on the platform still offer zero fees for BTC-pairs.<\/li>\n<li>Coinbase and Kraken improved their positions (about $61 bln and $23 bln respectively) as U.S. FTX US also shut down and local users could not access unregulated platforms.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Futures and options<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"568\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Fyuchersy-21-1024x568.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192436\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Fyuchersy-21-1024x568.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Fyuchersy-21-300x166.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Fyuchersy-21-768x426.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Fyuchersy-21.png 1247w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Futures volume for Bitcoin and Ethereum, in trillions of dollars. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=derivatives.FuturesVolumeDailySum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"561\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Optsiony-21-1024x561.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192437\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Optsiony-21-1024x561.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Optsiony-21-300x164.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Optsiony-21-768x421.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Optsiony-21.png 1250w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Volume of options on Bitcoin and Ethereum, in billions $. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=derivatives.OptionsVolumeDailySum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>In November, Ethereum-based futures volume exceeded Bitcoin contracts \u2014 $660 bln against $630 bln. Such a situation has occurred before only once \u2014 in August this year, ahead of Ethereum\u2019s switch to Proof-of-Stake (The Merge).<\/p>\n<\/div>\n<h2 class=\"wp-block-heading\">DeFi<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"493\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-defi-sektore-14-1024x493.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192439\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-defi-sektore-14-1024x493.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-defi-sektore-14-300x145.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-defi-sektore-14-768x370.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-defi-sektore-14.png 1320w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamics of assets blocked in the DeFi sector. Data: <a href=\"https:\/\/defillama.com\/\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"502\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-ekosistem-po-stoimosti-zablokirovannyh-sredstv-10-1024x502.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192440\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-ekosistem-po-stoimosti-zablokirovannyh-sredstv-10-1024x502.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Top-ekosistem-po-stoimosti-zablokirovannyh-sredstv-10-300x147.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Top-ekosistem-po-stoimosti-zablokirovannyh-sredstv-10-768x377.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Top-ekosistem-po-stoimosti-zablokirovannyh-sredstv-10.png 1291w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Top ecosystems by blocked-value, in $ bln. Data: <a href=\"https:\/\/defillama.com\/chains\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In November the TVL of DeFi smart contracts declined 22%, to $64.71 bln \u2014 the largest drop since June 2022. The trend remains driven by the Bankman-Fried saga and the subsequent crypto collapses.<\/li>\n<li>Ethereum remains the leader by TVL, with a fall of 21% to $40.41 bln.<\/li>\n<li>Solana\u2019s TVL collapsed by 70%, to $497 mln. By 31 October, Alameda\u2019s wallets held $1.2 bln worth of SOL (circa June 30). This contributed to price declines and outflows from DeFi contracts.<\/li>\n<li>Arbitrum rose to fifth place in TVL. The Layer-2 ecosystem showed one of the strongest momentum, with assets in use down by only 1% for the month.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1008\" height=\"498\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-20-defi-6.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192442\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-20-defi-6.png 1008w, https:\/\/forklog.com\/wp-content\/uploads\/Top-20-defi-6-300x148.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Top-20-defi-6-768x379.png 768w\" sizes=\"auto, (max-width: 1008px) 100vw, 1008px\" \/><figcaption class=\"wp-element-caption\">Top-20 DeFi assets by market cap. Data: <a href=\"https:\/\/messari.io\/screener\/defi-assets-(copy)-563C5306\">Messari<\/a> (as of 01.12.2022).<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1010\" height=\"632\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-5-defi-proektov-na-baze-ethereum-po-stoimosti-zablokirovannyh-sredstv-13.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192443\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-5-defi-proektov-na-baze-ethereum-po-stoimosti-zablokirovannyh-sredstv-13.png 1010w, https:\/\/forklog.com\/wp-content\/uploads\/Top-5-defi-proektov-na-baze-ethereum-po-stoimosti-zablokirovannyh-sredstv-13-300x188.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Top-5-defi-proektov-na-baze-ethereum-po-stoimosti-zablokirovannyh-sredstv-13-768x481.png 768w\" sizes=\"auto, (max-width: 1010px) 100vw, 1010px\" \/><figcaption class=\"wp-element-caption\">Top 5 Ethereum-based DeFi projects by blocked-value, in $ bln. Data: <a href=\"https:\/\/defillama.com\/chain\/Ethereum\">DeFi Llama<\/a> (as of 01.12.2022).<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In November, nearly all top-20 DeFi assets by market cap were in the red. An exception was the dYdX derivatives token, whose price rose 6.5%. This was partly due to the project\u2019s second-phase rollout of its own blockchain and a liquidity inflow.<\/li>\n<li>MakerDAO remained the top DeFi platform by TVL on Ethereum ($6.76 bln). Lido followed in second place with $6.15 bln, gradually narrowing the gap with the leading protocol.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"591\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsii-v-ekosistemah-polygon-ethereum-binance-smart-chain-i-avalanche-1024x591.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192448\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsii-v-ekosistemah-polygon-ethereum-binance-smart-chain-i-avalanche-1024x591.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsii-v-ekosistemah-polygon-ethereum-binance-smart-chain-i-avalanche-300x173.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsii-v-ekosistemah-polygon-ethereum-binance-smart-chain-i-avalanche-768x443.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsii-v-ekosistemah-polygon-ethereum-binance-smart-chain-i-avalanche.png 1141w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamism of daily transactions in Ethereum ecosystems: Tron, Ethereum, BSC and Avalanche. Data: <a href=\"https:\/\/tronscan.org\/\">TronScan<\/a>, <a href=\"https:\/\/etherscan.io\/chart\/tx\">Etherscan<\/a>, <a href=\"https:\/\/bscscan.com\/chart\/tx\">BscScan<\/a>, <a href=\"https:\/\/snowtrace.io\/chart\/tx\">SnowTrace<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"619\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Asopr-4.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192417\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Asopr-4.png 940w, https:\/\/forklog.com\/wp-content\/uploads\/Asopr-4-300x198.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Asopr-4-768x506.png 768w\" sizes=\"auto, (max-width: 940px) 100vw, 940px\" \/><figcaption class=\"wp-element-caption\">Dynamics of the aSOPR indicator. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;ema=0&#038;m=indicators.SoprAdjusted&#038;mAvg=7&#038;mMedian=0&#038;s=1512235467&#038;u=1669915467&#038;zoom=1825\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Relative to Bitcoin\u2019s market cap, unrealised losses across all investor classes amounted to 56%. In prior bear phases, this metric also exceeded 50%.<\/li>\n<li>The aSOPR indicator <a href=\"https:\/\/forklog.com\/en\/news\/when-will-bitcoins-price-resume-its-rise-a-guide-to-on-chain-indicators\">fell<\/a> to December 2018 levels. Such low readings indicate mass selling at a loss and pessimism on the market.<\/li>\n<\/ul>\n<\/div>\n<h3 class=\"wp-block-heading\"><strong>Ethereum<\/strong><\/h3>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"508\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-sutochnogo-chisla-sozhzhennyh-eth-11-1024x508.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192419\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-sutochnogo-chisla-sozhzhennyh-eth-11-1024x508.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-sutochnogo-chisla-sozhzhennyh-eth-11-300x149.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-sutochnogo-chisla-sozhzhennyh-eth-11-768x381.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-sutochnogo-chisla-sozhzhennyh-eth-11.png 1360w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamics of the daily number of ETH burnt. Data: <a href=\"https:\/\/etherscan.io\/chart\/dailyethburnt\">Etherscan<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"506\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Balansy-ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-eth-zadei-stvovannogo-v-smart-kontraktah-1024x506.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192420\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Balansy-ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-eth-zadei-stvovannogo-v-smart-kontraktah-1024x506.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Balansy-ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-eth-zadei-stvovannogo-v-smart-kontraktah-300x148.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Balansy-ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-eth-zadei-stvovannogo-v-smart-kontraktah-768x379.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Balansy-ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-eth-zadei-stvovannogo-v-smart-kontraktah.png 1428w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Balances of Ethereum on centralised exchanges and share of ETH supply used in smart contracts. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=&#038;m=distribution.BalanceExchanges&#038;s=1633167919&#038;u=1635759919&#038;zoom=30\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Since activation of EIP-1559, over 2.74 mln ETH have been taken out of circulation. In November, 53,155 ETH were burnt (58,115 in October).<\/li>\n<li>According to Glassnode, since Ethereum moved to Proof-of-Stake, net issuance totaled just 2,317 ETH. Of validators, 131,464 ETH are staked and 129,137 ETH burnt.<\/li>\n<li>Ultrasound Money reports that in November, the largest burn by number of tokens was the Uniswap v3 protocol \u2014 burning 4,493 ETH.<\/li>\n<li>Second place by this metric was peer-to-peer transfers (3,255 ETH). The trend is linked, among other things, to Ethereum withdrawals from balances on centralised exchanges amid the FTX crash.<\/li>\n<li>By November&#8217;s end, total ETH on centralised-exchange wallets fell by 15% \u2014 more than 3.5 mln ETH left the balances.<\/li>\n<li>The share of ETH locked in DeFi-owned smart contracts rose to 26.71% (27.97% in October).<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"513\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-eth-na-depozitnom-kontrakte-ethereum-2 0-i-chislo-validatorov-9-1024x513.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192422\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-eth-na-depozitnom-kontrakte-ethereum-2%200-i-chislo-validatorov-9-1024x513.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-eth-na-depozitnom-kontrakte-ethereum-2%200-i-chislo-validatorov-9-300x150.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-eth-na-depozitnom-kontrakte-ethereum-2%200-i-chislo-validatorov-9-768x385.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-eth-na-depozitnom-kontrakte-ethereum-2%200-i-chislo-validatorov-9.png 1344w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Total ETH in staking and number of validators. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=ETH%202.0&#038;m=eth2.StakingTotalVolumeSum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>By November, ETH staking volume surpassed 15.44 mln. The monthly increase was 5.2%, higher than October\u2019s 4.25%.<\/li>\n<li>The number of unique Ethereum addresses staking 32 ETH or more reached 482,561. These wallets can validate transactions and earn crypto rewards.<\/li>\n<\/ul>\n<\/div>\n<h3 class=\"wp-block-heading\"><strong>Lightning Network<\/strong><\/h3>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-lightning-network-12-1024x576.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192424\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-lightning-network-12-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-lightning-network-12-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-lightning-network-12-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-lightning-network-12.png 1224w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamism of Lightning Network capacity. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=lightning.NetworkCapacitySum&#038;s=1667260800&#038;u=1669841999&#038;zoom=\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"554\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Chislo-nod-i-kolichestvo-kanalov-seti-lightning-network-11-1024x554.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192426\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Chislo-nod-i-kolichestvo-kanalov-seti-lightning-network-11-1024x554.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Chislo-nod-i-kolichestvo-kanalov-seti-lightning-network-11-300x162.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Chislo-nod-i-kolichestvo-kanalov-seti-lightning-network-11-768x415.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Chislo-nod-i-kolichestvo-kanalov-seti-lightning-network-11.png 1183w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Number of Lightning Network nodes and channels. Data: <a href=\"https:\/\/studio.glassnode.com\/dashboards\/btc-lightning-network\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>By November, the Lightning Network capacity reached 4,757 BTC. This was slightly below the previous month.<\/li>\n<li>The number of LN nodes fell by 3.6%, and the number of channels by 2%. The network has not recovered from October\u2019s outage caused by a complex Bitcoin transaction.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Mining, hash rate, fees<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"465\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Heshrei-t-bitkoina-1024x465.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192428\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Heshrei-t-bitkoina-1024x465.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Heshrei-t-bitkoina-300x136.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Heshrei-t-bitkoina-768x348.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Heshrei-t-bitkoina.png 1448w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Dynamics of Bitcoin\u2019s hash-rate, EH\/s. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Miners&#038;m=mining.HashRateMean&#038;s=1656844736&#038;u=1664620736&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"400\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5-1024x400.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192429\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5-1024x400.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5-300x117.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5-768x300.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5-1536x601.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-5.png 1818w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hashprice dynamics for Bitcoin. Data: <a href=\"https:\/\/charts.coinmetrics.io\/network-data\/\">Coin Metrics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Amid deep market correction, Bitcoin\u2019s hash-rate (7 MA) fell to 234 EH\/s, roughly in line with late September. The metric subsequently rebounded somewhat but remained largely unchanged for the month.<\/li>\n<li>Mining difficulty reached 36.95 T, the highest level in Bitcoin\u2019s history.\u00a0<\/li>\n<li>The drop in the price of digital gold, with a relatively stable hash rate and rising difficulty, put pressure on the hashprice. The indicator rose to new lows, hitting $0.056. Further declines in mining profitability could force more miners out of the market.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"653\" height=\"441\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Mining-pools.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192430\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Mining-pools.png 653w, https:\/\/forklog.com\/wp-content\/uploads\/Mining-pools-300x203.png 300w\" sizes=\"auto, (max-width: 653px) 100vw, 653px\" \/><figcaption class=\"wp-element-caption\">Major mining pools by share of hashrate. Data: <a href=\"https:\/\/btc.com\/stats\/pool?pool_mode=month\">BTC.com<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Foundry USA strengthened its lead among the largest pools \u2014 its share is now 26.4%. Next are AntPool, F2Pool and Binance Pool. The latter\u2019s share rose from 12.4% to 13.1% during the month.<\/li>\n<li>In November Binance Pool <a href=\"https:\/\/forklog.com\/en\/news\/binance-launches-cloud-mining-service-for-bitcoin\">launched<\/a> a Cloud Mining service, offering users the ability to buy hashrate and mine Bitcoin in the cloud. This may raise its share of total hashrate and sharpen competition in the segment.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"991\" height=\"475\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dohodov-bitkoin-mai-nerov-po-mesyatsam.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192431\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dohodov-bitkoin-mai-nerov-po-mesyatsam.png 991w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dohodov-bitkoin-mai-nerov-po-mesyatsam-300x144.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dohodov-bitkoin-mai-nerov-po-mesyatsam-768x368.png 768w\" sizes=\"auto, (max-width: 991px) 100vw, 991px\" \/><figcaption class=\"wp-element-caption\">Bitcoin miners\u2019 monthly revenue. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Miners&#038;m=mining.RevenueSum&#038;s=1662154530&#038;u=1669934130&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"588\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Mikrofyuchersy-na-cme_pozitsii-non-commercial-i-commercial-i-obshhee-chislo-igrokov-1024x423.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" class=\"wp-image-192469\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Mikrofyuchersy-na-cme_pozitsii-non-commercial-i-commercial-i-obshhee-chislo-igrokov-1024x423.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Mikrofyuchersy-na-cme_pozitsii-non-commercial-i-commercial-i-obshhee-chislo-igrokov-300x124.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Mikrofyuchersy-na-cme_pozitsii-non-commercial-i-commercial-i-obshhee-chislo-igrokov-768x317.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Mikrofyuchersy-na-cme_pozitsii-non-commercial-i-commercial-i-obshhee-chislo-igrokov.png 1036w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">CME Bitcoin futures: positions Non-Commercial and Commercial and total number of traders. Data: <a href=\"https:\/\/www.cftc.gov\/MarketReports\/CommitmentsofTraders\/index.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Open interest in CME Bitcoin futures surged, surpassing October 2021 peaks.<\/li>\n<li>New highs for number of traders in these contracts were reached overall.<\/li>\n<li>Institutional traders (Commercial) leaned more heavily into shorts than longs amid the market backdrop.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$150 mln<\/strong><\/p>\n<p>LeadBlock Partners in London, investor in digital-asset sector<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$150 mln<\/strong><\/p>\n<p>Fenix Games, a Web3 games publisher, in a fund for acquisition, financing and distribution of blockchain games<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$72 mln<\/strong><\/p>\n<p>Keyrock, market-maker, in a Series B round. Lead investor: Ripple<\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$70 mln<\/strong><\/p>\n<p> Ramp in a Series B round led by Mubadala Capital and Korelya Capital<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<p style=\"font-size:24px\"><strong>$25 mln<\/strong><\/p>\n<p> Fleek, a Web3-development platform, in Series A<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\">Regulation<\/h2>\n<div class=\"review_single_blk has_map review_2_map\">\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Group-2644-18.png\" alt=\"November in numbers: FTX collapse, outflows from centralized exchanges and Bitcoin miners capitulation\" width=\"2350\" height=\"1182\"><\/p>\n<div class=\"country_blk\" data-blk=\"1\">In <strong>Switzerland<\/strong> <a href=\"https:\/\/forklog.com\/en\/news\/switzerland-to-require-verification-for-cryptocurrency-transactions\">verifications for crypto-operations will be introduced<\/a>.<\/div>\n<div class=\"country_blk\" data-blk=\"2\"><strong>European Parliament<\/strong> <a href=\"https:\/\/forklog.com\/en\/news\/european-parliament-delays-vote-on-mica-regulation\">delayed<\/a> vote on the MiCA regulation.<\/div>\n<div class=\"country_blk\" data-blk=\"3\">Taxation framework for Bitcoin in <strong>Ukraine<\/strong> <a href=\"https:\/\/forklog.com\/en\/news\/ukraine-assigns-bitcoin-taxation-regulation-to-advisory-council-under-the-national-securities-and-stock-market-commission\">has been assigned<\/a> to the advisory council of the National Commission on Securities and Stock Market.<\/div>\n<div class=\"country_blk\" data-blk=\"4\"><strong>El Salvador<\/strong> <a href=\"https:\/\/forklog.com\/en\/news\/el-salvador-to-study-regulation-of-issuing-digital-assets\">will study<\/a> regulation of digital-asset issuance.<\/div>\n<div class=\"country_blk\" data-blk=\"5\">IMF <a href=\"https:\/\/forklog.com\/en\/news\/imf-urges-tougher-cryptocurrency-regulation-in-africa\">urged<\/a> African nations to tighten cryptocurrency regulation.<\/div>\n<div class=\"country_blk\" data-blk=\"6\">Brazilian Parliament <a href=\"https:\/\/forklog.com\/en\/news\/brazilian-parliament-approves-regulation-of-the-crypto-industry\">approved<\/a> cryptocurrency regulation.<\/div>\n<div class=\"country_blk\" data-blk=\"7\">In <strong>Uzbekistan<\/strong> <a href=\"https:\/\/forklog.com\/en\/news\/uzbekistan-approves-framework-for-issuing-and-circulating-digital-assets\">approved<\/a> a regime for the issuance and circulation of digital assets.<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\">Monthly materials<\/h2>\n<div class=\"reviews_has_halves stretch has_articles\">\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/forklog.com\/wp-content\/uploads\/binance_vs_ru-min.png);\"><strong>Binance CEO comments on possible restrictions for Russians<\/strong><\/div>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/forklog.com\/wp-content\/uploads\/Telegram-min-1.png);\"><strong><a href=\"https:\/\/forklog.com\/en\/news\/fragment-sells-telegrams-first-username-for-900000-ton\">Blockchain marketplace Fragment sells first Telegram usernames<\/a><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves stretch has_articles\">\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/forklog.com\/wp-content\/uploads\/buterin2-min.png);\"><strong><a href=\"https:\/\/forklog.com\/en\/news\/vitalik-buterin-unveils-updated-ethereum-development-roadmap\">Vitalik Buterin unveiled a revised Ethereum development roadmap<\/a><\/strong><\/div>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/forklog.com\/wp-content\/uploads\/BinanceExchange.png);\"><strong><a href=\"https:\/\/forklog.com\/en\/news\/binance-earmarks-1-billion-for-web3-industry-recovery-initiative\">Binance earmarked $1 bln for a Web3 industry recovery fund<\/a><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves stretch has_articles\">\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/forklog.com\/wp-content\/uploads\/Finico_3-min.png);\"><strong><a href=\"https:\/\/forklog.com\/en\/news\/co-founder-of-finiko-detained-in-the-uae\">Co-founder of FiniCo detained in UAE<\/a><\/strong><\/div>\n<\/div>\n<\/div>\n<div class=\"review_half\">\n<div class=\"review_article_blk\">\n<div class=\"review_article_image\" style=\"background-image: url(https:\/\/forklog.com\/wp-content\/uploads\/BTCe-min.png);\"><strong><a href=\"https:\/\/forklog.com\/en\/news\/10000-btc-withdrawn-from-btc-e-wallet-part-sent-to-hitbtc-and-mexc\">$10,000 BTC moved from BTC-e wallet. Some went to HitBTC and MEXC<\/a><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The FTX collapse, the fourth-largest capitulation by Bitcoin investors in history, outflows from centralized exchanges, and other November developments.<\/p>\n","protected":false},"author":1,"featured_media":70958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"4","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1740],"class_list":["post-70957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-bitcoin-industry-in-numbers"],"aioseo_notices":[],"amp_enabled":true,"views":"59","promo_type":"1","layout_type":"4","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=70957"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70957\/revisions"}],"predecessor-version":[{"id":70959,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70957\/revisions\/70959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/70958"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=70957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=70957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=70957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}