This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

November was an eventful month for crypto, as you know — jumpstarted by Donald Trump’s election win. 

Bitcoin rose 37.3% last month, CoinGlass data shows. That was the asset’s best performance in November (the month with the highest average BTC returns, at 46%) since 2020, when bitcoin gained 43%.

Looking ahead, December is not historically as good a month for BTC (+4.9% returns on average). Bitcoin price did rise by 47% in December 2020 (also after a presidential election); but from 2021 to 2023, the asset’s returns were -18.9%, -3.6% and +12.2%, respectively. 

Bitcoin…

Read more on Blockworks