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.
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