Central Bank Names Bitcoin the Most Loss-Making Asset in November When Invested in Rubles

RBK-cryptoPublished on 2025-12-10Last updated on 2025-12-10

Abstract

The Central Bank of Russia, in its latest "Financial Market Risks Review," identified Bitcoin as the worst-performing asset in November for ruble-denominated investments. The regulator included Bitcoin in its comparative table of asset returns, as it has done routinely. The list includes instruments from the Russian market, as well as gold, US government bonds, and other assets. In contrast to previous months, Russian stocks demonstrated the highest total returns in November. Although Bitcoin reached a new all-time high exceeding $126,000 on October 6th, this peak was not achieved against several currencies, including the euro, Swiss franc, and the Russian ruble. Against the ruble, the price remained below its December 2024 peak. According to the regulator's calculations, Bitcoin showed the worst returns in ruble terms for November (-19.9%), since the start of 2025 (-25.7%), and over the past 12 months (-31.9%). Notably, in reports prior to and including September 2025, Bitcoin was consistently among the top performers. However, since the beginning of 2022, Bitcoin remains the second-best performing asset after gold, having gained over 100% and significantly outperforming other assets. The report also provided data on Russian crypto investment activity. The volume of open positions held by individuals in cryptocurrency futures on the Moscow Exchange reached 3.5 billion rubles by the end of November. The majority of investors hold small positions, but the largest share of t...

The Bank of Russia, in a new issue of the "Financial Market Risks Review," deemed Bitcoin the most loss-making asset in November when invested in rubles. The regulator has once again traditionally included Bitcoin in the comparative table of asset returns. The list includes instruments from the Russian market, as well as gold, US government bonds, and other assets.

Unlike previous months, Russian stocks demonstrated the highest total return in November.

On October 6, Bitcoin reached a new all-time high, exceeding $126,000; however, this did not occur in several currencies, including the euro, Swiss franc, and the Russian ruble. Against the ruble, the rate is still below the peak of December 2024 — approximately ₽7.3 million compared to ₽11.1 million a year ago.

According to the regulator's calculations, in ruble terms, Bitcoin showed the worst return among all instruments for November (–19.9%), since the beginning of 2025 (–25.7%), and over the past 12 months (–31.9%). Notably, in previous reports up to and including September 2025, Bitcoin, on the contrary, was among the leaders in almost every period.

At the same time, since the beginning of 2022, Bitcoin remains the second most profitable asset after gold, having gained over 100% and significantly outperforming other assets. Earlier, for several consecutive months in similar Central Bank reports, Bitcoin held the first place in this category.

According to the report, the volume of open positions of individuals in cryptocurrency futures on the Moscow Exchange at the end of November reached 3.5 billion rubles. Most investors hold small positions, up to ₽500,000, but the main share of the volume is formed by large participants with portfolios from ₽100 million.

Furthermore, about 2.1 thousand people invested 352 million rubles in crypto CFAs, and another 258 investors directed 41 million rubles into copy trading strategies linked to crypto assets. More than 500 people participate in over-the-counter derivative instruments on crypto themes (forwards, options, swaps), with a total investment volume of 3.6 billion rubles.

Earlier, in the Bank of Russia's report on financial stability for the second and third quarters of 2025, it was stated that the volume of transactions by Russians on foreign cryptocurrency exchanges fell by 18% in the second and third quarters of 2025 compared to the previous two quarters.

According to the regulator's estimate, the average monthly amount of the presumed balances of Russians' funds on crypto exchanges during the reporting period decreased by 20% in ruble terms, to 933 billion rubles. And the volume of traffic from Russia to the websites of crypto platforms fell by 28%, to 83.4 million visits.

Trump Memecoin to Be Used in Mobile Game About Billionaires

Bitcoin Reaches Highest Level Since Mid-November. What About Other Cryptocurrencies

$100,000 Bitcoin by Year-End. What Are the Chances

Related Questions

QAccording to the Bank of Russia, which asset was the worst-performing in November 2025 when measured in rubles?

ABitcoin was the worst-performing asset in November 2025 when measured in rubles, with a return of -19.9%.

QWhat was the total return of Bitcoin in ruble terms from the beginning of 2025 until the report?

AFrom the beginning of 2025, Bitcoin showed a return of -25.7% in ruble terms.

QDespite its recent performance, how has Bitcoin performed since the start of 2022 compared to other assets?

ASince the start of 2022, Bitcoin has been the second best-performing asset after gold, gaining over 100% and significantly outperforming other assets.

QWhat was the volume of open positions held by individuals in cryptocurrency futures on the Moscow Exchange at the end of November?

AThe volume of open positions held by individuals in cryptocurrency futures on the Moscow Exchange reached 3.5 billion rubles at the end of November.

QHow did the estimated average monthly balance of Russians' funds on crypto exchanges change in the reporting period, according to the regulator?

AThe estimated average monthly balance of Russians' funds on crypto exchanges decreased by 20% in ruble terms to 933 billion rubles in the reporting period.

Related Reads

Trading

Spot
Futures

Hot Articles

What is $BITCOIN

DIGITAL GOLD ($BITCOIN): A Comprehensive Analysis Introduction to DIGITAL GOLD ($BITCOIN) DIGITAL GOLD ($BITCOIN) is a blockchain-based project operating on the Solana network, which aims to combine the characteristics of traditional precious metals with the innovation of decentralized technologies. While it shares a name with Bitcoin, often referred to as “digital gold” due to its perception as a store of value, DIGITAL GOLD is a separate token designed to create a unique ecosystem within the Web3 landscape. Its goal is to position itself as a viable alternative digital asset, although specifics regarding its applications and functionalities are still developing. What is DIGITAL GOLD ($BITCOIN)? DIGITAL GOLD ($BITCOIN) is a cryptocurrency token explicitly designed for use on the Solana blockchain. In contrast to Bitcoin, which provides a widely recognized value storage role, this token appears to focus on broader applications and characteristics. Notable aspects include: Blockchain Infrastructure: The token is built on the Solana blockchain, known for its capacity to handle high-speed and low-cost transactions. Supply Dynamics: DIGITAL GOLD has a maximum supply capped at 100 quadrillion tokens (100P $BITCOIN), although details regarding its circulating supply are currently undisclosed. Utility: While precise functionalities are not explicitly outlined, there are indications that the token could be utilized for various applications, potentially involving decentralized applications (dApps) or asset tokenization strategies. Who is the Creator of DIGITAL GOLD ($BITCOIN)? At present, the identity of the creators and development team behind DIGITAL GOLD ($BITCOIN) remains unknown. This situation is typical among many innovative projects within the blockchain space, particularly those aligning with decentralized finance and meme coin phenomena. While such anonymity may foster a community-driven culture, it intensifies concerns about governance and accountability. Who are the Investors of DIGITAL GOLD ($BITCOIN)? The available information indicates that DIGITAL GOLD ($BITCOIN) does not have any known institutional backers or prominent venture capital investments. The project seems to operate on a peer-to-peer model focused on community support and adoption rather than traditional funding routes. Its activity and liquidity are primarily situated on decentralized exchanges (DEXs), such as PumpSwap, rather than established centralized trading platforms, further highlighting its grassroots approach. How DIGITAL GOLD ($BITCOIN) Works The operational mechanics of DIGITAL GOLD ($BITCOIN) can be elaborated on based on its blockchain design and network attributes: Consensus Mechanism: By leveraging Solana’s unique proof-of-history (PoH) combined with a proof-of-stake (PoS) model, the project ensures efficient transaction validation contributing to the network's high performance. Tokenomics: While specific deflationary mechanisms have not been extensively detailed, the vast maximum token supply implies that it may cater to microtransactions or niche use cases that are still to be defined. Interoperability: There exists the potential for integration with Solana’s broader ecosystem, including various decentralized finance (DeFi) platforms. However, the details regarding specific integrations remain unspecified. Timeline of Key Events Here is a timeline that highlights significant milestones concerning DIGITAL GOLD ($BITCOIN): 2023: The initial deployment of the token occurs on the Solana blockchain, marked by its contract address. 2024: DIGITAL GOLD gains visibility as it becomes available for trading on decentralized exchanges like PumpSwap, allowing users to trade it against SOL. 2025: The project witnesses sporadic trading activity and potential interest in community-led engagements, although no noteworthy partnerships or technical advancements have been documented as of yet. Critical Analysis Strengths Scalability: The underlying Solana infrastructure supports high transaction volumes, which could enhance the utility of $BITCOIN in various transaction scenarios. Accessibility: The potential low trading price per token could attract retail investors, facilitating wider participation due to fractional ownership opportunities. Risks Lack of Transparency: The absence of publicly known backers, developers, or an audit process may yield skepticism regarding the project's sustainability and trustworthiness. Market Volatility: The trading activity is heavily reliant on speculative behavior, which can result in significant price volatility and uncertainty for investors. Conclusion DIGITAL GOLD ($BITCOIN) emerges as an intriguing yet ambiguous project within the rapidly evolving Solana ecosystem. While it attempts to leverage the “digital gold” narrative, its departure from Bitcoin's established role as a store of value underscores the need for a clearer differentiation of its intended utility and governance structure. Future acceptance and adoption will likely depend on addressing the current opacity and defining its operational and economic strategies more explicitly. Note: This report encompasses synthesised information available as of October 2023, and developments may have transpired beyond the research period.

363 Total ViewsPublished 2025.05.13Updated 2025.05.13

What is $BITCOIN

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of BTC (BTC) are presented below.

活动图片

Top Questions