Gate Private Wealth Management Monthly Report, November 2025

Summary

• Market Review: The overall market continued its volatile trend in November, with Bitcoin dropping 17.54%, marking the largest monthly decline this year. The total cryptocurrency market cap fell below $3 trillion for the first time since April, and leveraged liquidations hit new highs again. The Bitcoin ETF saw the second largest single-month outflow since its launch in 2024. Due to the sharp market decline, perpetual contract open interest has dropped 35% from the October peak of $94 billion.

• Gate Private Wealth Product Performance: In November, Gate quantitative funds saw USDT and BTC strategy returns of 1.9% and -0.3% respectively; the top 30% portfolios achieved an annualized return of 4.1%, outperforming Bitcoin; “Arbitrage Pioneer-USDT” stood out with a monthly annualized return of 5.5%, demonstrating robust defensive attributes; the overall fund drawdown in November was low, with a maximum drawdown of just 0.02% for the USDT strategy and 0.03% for the BTC strategy;

• Outlook: Bitcoin’s historical performance in December is unstable, with negative returns in three of the past four years; the clearest preconditions for the next Bitcoin rally will include: a return of risk appetite, improvement in liquidity conditions, and increased market depth. Looking ahead to December, rate cut expectations, next year’s interest rate path, a potential rate hike by the Bank of Japan, and speculation about a change in FED leadership will all drive short-term volatility in crypto assets.

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