November 21, 2025

The market is stunned by the decline. From yesterday to today, Ethereum has dropped another 10 points, while Bitcoin has completely broken below the 90,000 support level, dropping to a low of 82,500. Although this price movement is within expectations, a month ago, it would have been unthinkable. However, I also mentioned yesterday that the speed of the market’s decline would slow down. The US stock market plummeted last night but did not drag the crypto market down much; instead, the decline today suggests that there are still players unloading in the crypto space.
The main forces behind the dumping are not only large whales and big holders in the crypto world but also some US stock companies and fund companies buying cryptocurrencies. When the cryptocurrencies held by US stock companies are under price pressure, it inevitably reflects on their stock prices. To satisfy shareholders, they are forced to sell coins, while for fund companies, they are secondary players who won't buy the dip infinitely like retail investors in the crypto space. Many of them are institutional funds that must cut losses once risk control is triggered.
However, I think the market trend in the crypto space still refers to the major companies in the industry. There are reports indicating that Tether has taken out 1 billion USD from its treasury to buy back BTC, which suggests that the probability of Bitcoin reaching a stage bottom is quite high. Of course, it won't rebound immediately; it's just that now might be a good time to buy some.
In terms of price, in a certain sense, we are no longer at the junction of bull and bear markets; we have already entered a bear market. Of course, it hasn't reached a deep bear stage yet, because a deep bear also takes time. If we accept that we are in a bear market, then we can start executing bottom-fishing strategies. I haven't stopped using grid orders these days.