1/. A quick look back at November in numbers. $80bn+ traded across bitcoin perpetual swaps. Volumes picked up a decent amount vs October - notably around the three sell-offs. Bitflyer saw marginally more volumes than Bitmex: $2.5bn daily average vs 2.1. Mex trades > on big days. 
2/. Bitcoin is down 37.5% on the month. Max was $6,538 and min $3,461: a 47% range.
3/. Bitmex XBTUSD open interest is down 60% - from $840mln to $340mln. The pain was real among investors with less appetite to hold positions this time around.
4/. Market infrastructure coped very well. The sell-off felt relatively ordered with limited market stress on the liquidity side. Market struggled the most on the first leg of the sell-off but most of the big spreads remained in order.
5/.Among the big stories this month: the BCH hard fork, the capitulation of miners & the ongoing drama around USDT.
6/. USDT is not stable anymore and became a risk-off sentiment indicator with clear negative correlation to the bitcoin price.
