November 25, 2025

The market has once again experienced a significant rebound, especially Ethereum, which led the way with the largest gains, reaching a high price close to $3,000. Although looking at the daily chart, this price movement still appears quite unattractive, the performance over the past few days is still commendable given the recent weakness, particularly considering today is already Tuesday, which means institutional sell-offs may have come to an end.

Additionally, I saw an analysis today regarding large ETF institutions like BlackRock suddenly transferring large amounts of coins to exchanges. This indicates that user ETF selling (dumping) has ended, because only when users sell the ETF does redemption occur. When users sell the ETF, market makers have already sold the coins via hedging accounts, and then proceed with redemption. In short, last week’s sharp decline was indeed due to heavy selling by institutions and ETF users, which also showed as a high-volume drop in the market. But as of today, this round of selling pressure seems to have come to an end.

Another piece of evidence supporting this judgment is that the USDC/USDT exchange rate has fallen from its high to the normal range. However, it should be noted that both the BlackRock address coin transfers and the USDC exchange rate indicator are lagging; we can only analyze the cause of this plunge after the fact. Also, judging from the drop in ETH, last week’s decline involved significant selling, which also confirms some people’s speculation that Wall Street funds invest in ETH mainly as a secondary choice because BTC is too expensive.

From ETH's rebound, it seems the market is starting to realize that the pricing power of cryptocurrencies...