Just saw a market report: in November, the total crypto market cap dropped by 15.43%, which is pretty significant. Even more interesting, the monthly net outflow from BTC spot ETFs exceeded $3.5 billion, hitting a record high.

However, the newly launched ETFs performed quite well—ETFs for SOL, XRP, and LTC actually recorded net capital inflows, which is quite a contrast.

In addition, the Fed is set to end quantitative tightening in December. Reportedly, starting next year, they may buy $20 to $25 billion in Treasuries per month, effectively entering a “lite QE” expansion phase. Many believe this is a fundamental liquidity boost for BTC, since monetary easing has always been friendly to risk assets.

Although short-term market sentiment is shaky, the macro-level policy shift is still worth paying attention to.