A Chicago-based outplacement firm quietly announced a rather dire metric that appears to have largely gone unnoticed: American employers have laid off nearly 1.2 million workers so far in 2025. That figure should be jolting. The last time the country saw such substantial job cuts outside of the pandemic was 16 years ago, during the so-called ‘Great Recession,’ when 1.24 million employees lost their jobs.

Challenger, Gray & Christmas (CGC) reported that 71,321 jobs were lost in November, 53% lower than the 153,074 cuts announced in October, but substantially higher than the 57,727 positions eliminated in November 2024. The firm’s report came hot on the heels of another gloomy announcement on Wednesday by Philadelphia-based human resources firm ADP, which published data showing a surprising 32,000 drop in private sector jobs.

Read more: This Former Cash App Executive Is Sounding the Alarm on Bitcoin

But CGC’s November data was only one part of the equation. The key number most economists zeroed in on was the running total of 1,170,821 job losses for the first 11 months of the year. To put that into perspective, there were 761,358 cuts for the same period in 2024. And while pundits may debate about which catalysts are responsible for bitcoin’s dismal price action, they can’t deny that an economy bleeding nearly 1.2 million jobs is unlikely to bring the bulls out.

“It is the sixth time since 1993 that job cuts through November have surpassed 1.1 million,” the CGC report states. “Layoff plans in November remained elevated until 2009 and stayed below 70,000 until the pandemic.”

Don’t Blame It on AI

(DOGE cuts were the top reason for job losses in 2025. Surprisingly, AI was a distant sixth. / Challenger, Gray & Christmas)

Layoffs orchestrated by the Department of Government Efficiency topped the list of reasons for job cuts, with almost 300,000 federal employees axed. Next was the somewhat nebulous category of “market and economic conditions” responsible for nearly 250,000 jobs lost. Interestingly, AI, which has been blamed for rendering many occupations obsolete, accounted for less than 55,000 cuts, and even if the “technological update” category is included in the AI count, the total remains below 75,000 jobs eliminated.

“Artificial Intelligence (AI) was cited for 6,280 cuts in November,” the report explains. “So far this year, AI is responsible for 54,694 layoff plans. Since 2023, when this reason was first cited, AI has led to 71,683 job cut announcements.”

Bitcoin was priced at $90,146.16 at the time of reporting, a 1.57% decline from yesterday, but a 5.88% jump for the week, Coinmarketcap data shows. The cryptocurrency traded as low as $89,068.19 and reached $92,267.11 between Sunday and Monday.

( BTC price / Trading View)

Daily trading volume jumped 31% over 24 hours to reach $57.49 billion, but this was largely due to the expected post-Sunday spike. Market capitalization slid to $1.79 trillion and bitcoin dominance also edged lower, dipping 0.61% to reach 59.12%.

( BTC dominance / Trading View)

Total bitcoin futures open interest barely budged, inching upward by 0.09% to $57.95 billion, according to Coinglass. Liquidations finally fell below $100 million for the first time in several days, totaling $90.58 million. Long investors caught the short end of the stick, with $53.83 million wiped out. Short sellers weren’t spared but posted smaller losses and saw $36.75 million in liquidated margin.

• Why are layoffs approaching 1.2 million in 2025?
  Slowing economic conditions and government-driven cuts are driving layoff totals to their highest level since 2009.
• How severe are the November job cuts?
  November saw 71,321 layoffs; lower than October but still well above last year’s levels.
• Is AI responsible for most job losses?
  No, AI accounts for fewer than 55,000 cuts, far below government and economic-related layoffs.
• What does this mean for bitcoin and markets?
  A labor market shedding nearly 1.2 million jobs creates recession fears that can weigh on risk assets like bitcoin.

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