#加密市场观察 Behind the Market Rebound—A Comprehensive Analysis of the Crypto Landscape
I. Overall Market Situation: Hidden Worries Amid the Rebound
From the data, the market appears to be recovering from Monday’s low. Bitcoin has rebounded over 8% from $86,447, climbing back above $93,000; Ethereum has shown even greater resilience, surging over 13% from its $2,803 low. This has undoubtedly injected a dose of confidence into the recently sluggish market.
Macro Perspective: Liquidity Expectations and Risk Sentiment Tug-of-War
Policy Uncertainty Remains: Although there are expectations for the end of QT, Bitcoin spot ETFs recently saw a net outflow of about $900 million, intensifying sell-off pressure and reminiscent of the Q1 2022 adjustment triggered by liquidity tightening.
Global Risk Sentiment Linkage: The unwinding of yen carry trades has set off a chain reaction, with the Bank of Japan’s (BOJ) potential rate hikes further amplifying market volatility. The correlation between crypto assets and tech stocks has risen above 0.85, indicating that the crypto market struggles to remain unaffected when global risk appetite weakens.
Diverging Institutional Behavior: On one hand, asset management giant Vanguard has sent more open signals toward crypto assets, hinting at a possible future return of institutional funds. On the other, MicroStrategy—the listed company known for aggressive Bitcoin purchases—has significantly scaled back its buying since its 2024 peak, reflecting a short-term cooling in some corporate fund allocations.
II. Technical Analysis: Critical Decisions After an Oversold Rebound
Bitcoin (BTC):
Position and Pattern: The price is testing the key Fibonacci retracement level (0.618) near $98,000. Currently, the 14-day RSI is at a neutral 45—neither overbought nor oversold—leaving room for the next move. The MACD line has crossed above the signal line, forming a “golden cross” and signaling positive short-term momentum.
Key Levels: The $90,000 level (50-day MA) is an important short-term support, while $98,900 (weekly high) forms direct resistance. If it fails to break above $95,000, historical data suggests a higher probability of downside.
Market Sentiment: The Crypto Fear & Greed Index has recovered from its lows to 35 (fear zone), indicating some sentiment repair, but still far from optimism.
Ethereum (ETH):
Strong Performance: ETH has successfully broken above $3,100 (200-day MA), clearly outperforming BTC. This is driven both by expectations of Layer 2 network upgrades and signs of capital rotation into quality altcoins.
Indicator Signals: The Stochastic has reached 75, nearing the overbought zone, so a technical pullback may be imminent in the short term. Trading volume has expanded during the rebound, providing momentum for the rise. Key support is at $3,000, with resistance at $3,300.
Overall View: The ETH/BTC pair has risen to 0.034, further confirming that an “altcoin rotation” may be underway. However, the overall technical structure still shows a rebound rather than a reversal. If Bitcoin loses the key $90,000 support, it could trigger a new round of broad-based selling.
Technical Conclusion:
Short-term trends are leaning optimistic, offering trading opportunities, but a reversal of the medium-term trend will require more time and further confirmation.
III. Key Data Interpretation:
The True Picture of Market’s Underlying Momentum
Data doesn’t lie—it reveals the real dynamics beneath surface volatility.
Signs of Liquidity Tightening: Bitcoin’s daily trading volume has plunged 87%. This is more than just a number; it directly reflects a stage of liquidity tightening and some investors cashing out profits. High volatility with low liquidity often signals that the market remains in a fragile balance.
Divergence in Participant Behavior:
Whales (Large Holders): On-chain data shows that “whale” addresses holding large amounts of Bitcoin are slowing their accumulation, even moving to a wait-and-see stance.
Retail: Recent buying seems to be led more by retail capital, which is more emotional and prone to panic selling.
Institutions and ETH: Unlike BTC, institutional funds appear to be actively accumulating Ethereum through ETFs and other channels. The staking rate has risen to 25%, enhancing network security but also introducing some concentration risk.
ETF Flows—A Key Short-Term Variable: Since December, net outflows from Bitcoin spot ETFs have been a major drag on market sentiment. A reversal in fund flows will be the most critical indicator for a market confidence comeback.
Long-Term Holding Optimism:
On a positive note, Glassnode data shows declining Bitcoin inflows to exchanges, indicating more investors are choosing to “HODL.” Long-term conviction remains strong despite short-term volatility.
Data-Based Conclusion:
The market’s endogenous structure shows short-term vulnerability, but the foundation for long-term holding is strengthening, and institutions continue to lay out positions in assets like Ethereum.
IV. Policy and Industry Trends:
The Long Road to Clarity
The policy environment is transitioning from vague to clear, laying the institutional foundation for the industry’s long-term growth.
US Leads Regulatory Progress: From requiring exchanges to register and implement strict anti-money laundering (AML) rules, to the FDIC clarifying processes for banks engaging in crypto, the US regulatory framework is taking shape. The launch of stablecoin and custody pilots by Cb and major US banks marks a substantive stage in the integration of traditional finance and crypto.
Global Exploration and Follow-Up: The UK FCA has launched a stablecoin sandbox, and the EU continues to refine tax and reporting rules under its MiCA framework. Major jurisdictions worldwide are exploring how to embrace financial innovation while managing risk.
Short-Term Impact: Despite a generally positive long-term policy outlook, any short-term news about regulatory tightening or risk warnings can be amplified by fragile market sentiment, causing unnecessary volatility.
Policy Conclusion:
Clearer regulation is an irreversible long-term trend and will eventually attract large-scale compliant capital, but patience is needed to navigate volatility during the policy adjustment period.
V. Outlook and Prospects
Finding Certainty Amid Uncertainty
Year-end volatility is a market norm and a stress test for all participants. We believe every deep correction accumulates strength for a more powerful next rally. With ongoing policy improvement, increasing institutional adoption, and technological upgrades, the long-term value proposition of crypto assets remains robust.

Market Information
1. The market expects a 90% probability of a Fed rate cut in December;
2. House Republicans confirm "Operation Choke Point 2.0" targets Bitcoin and crypto businesses;
3. BlackRock CEO to discuss Bitcoin and cryptocurrencies at New York Times event;
4. Former SEC Chairman Gensler: Cryptocurrencies are highly speculative and volatile, except for Bitcoin;
5. Trump administration cancels a series of interviews with Federal Reserve chair candidates;
6. Trump: Former Bitcoin exchange advisor may become Federal Reserve Chair;

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#CryptoMarketWatch
November 2025 was a period of equilibrium for crypto markets. Sharp corrections in Bitcoin and major altcoins steered investors away from short-term panic and toward long-term strategies.
Current Developments:
- ETF movements: Spot Bitcoin ETFs experienced a record outflow, indicating a temporary weakening of market confidence.
- Ethereum "Fusaka" upgrade: This upgrade, implemented at the beginning of November, provided significant improvements in scalability and transaction speed.
- Tether's financial strength: Its net profit announcement exceeding $10 billion in the first nine months of 2025 boosted confidence in the stablecoin market.
- Whale activity: The activity of large investors contributed to the market's technical recovery in November.
Global Perspective:
- Weakening interest rate cut expectations in the US limited risk appetite.
- Regulatory measures are accelerating in Europe and Asia, reinforcing the long-term confidence of institutional investors.
- Security vulnerabilities are still a hot topic in the DeFi sector, but the foundations of tokenization and regulation are strengthening.
Gate.io users are engaged in intense discussions about "altcoins with 5X-10X growth potential in 2025."
- Projects like Hifi (HIFI) and Biswap (BSW) in particular stand out as promising opportunities in the community.
- BTC, ETH, and DOGE are still among the most talked-about topics on MarketWatch.
- In the short term: Volatility is high, and investors are cautious.
- In the medium term: Ethereum's new upgrade and the strength of its stablecoins are paving the way for a renewed sense of confidence in the market.
- In the long term: The crypto market is transitioning from speculation to tangible financial infrastructure, which means strong growth potential beyond 2030.
November 2025 was a testing month for the crypto markets. While prices are falling, the infrastructure is strengthening, and the community is focusing on new opportunities. This chart could be a harbinger of great opportunities quietly accumulating for patient investors.

#我的币圈搞笑瞬间 crypto world Cryptocurrency Trading jokes collection, let's relax a bit together.
1. Get ready, sing!
The bear is roaring! The bull is fleeing! Institutions are howling! Retail investors are wailing! Looking back at yesterday's heights, tomorrow is bound to fall again. Amidst the sea of green, there are indeed many retail investors trapped; in a flash of red, they are thrown downwards. Selling at a loss to escape only to rise again, turning back to buy in and get trapped again, trapping retail investors, trapping private placements, trapping institutions, trapping you and me.
2. Today I went to open an account on a cryptocurrency trading platform, and the online customer service asked a bunch of questions. "How old are you?" "38". "Are you married?" "Yes". "Are you afraid of your wife?" "Yes". "Which floor do you live on?" "11th floor". "Forget it, you better not open an account, we only allow accounts for those living on the 2nd floor or below."
3. Here's a good way to hide your private stash: hide it in a cryptocurrency trading platform, it's quite magical, others can't find it, and even you can't find it.
4. Today's virtual coins are like a cheating husband; you believe time and again that he will change for the better, yet he repeatedly pushes your limits to hurt you. However, you are pregnant with his child, and to leave, you have to make sacrifices. The months are too advanced; even if you want to make sacrifices, you are not allowed to, and you can only wait to give birth…
5. Crypto world retail investor mentality: The rise is because I'm good, the loss is because someone cheated my money.
6. Why are the eunuchs richer than the little eunuchs? Because they got cut early...
7. I originally planned to liquidate my positions, but then I heard news that the government was relaxing regulations, so I decided to stay and go fully in. As a result, there was a big drop and I got trapped. Just when I was preparing to liquidate again, I heard another piece of news about the Wenzhou group entering the market, which made me hold on confidently. Then there was another big drop and I got deeply trapped again. Just when I was about to liquidate, news came about exchange loopholes. I finally understood, this isn't salvation, it's clearly to keep me from running away...
8. Today I was going to hang clothes on the rooftop, but I found the rooftop door locked and a notice posted by the property management: Recently, due to the sharp decline in Bitcoin, the door is temporarily locked to prevent unexpected incidents. If you need to hang your clothes, please find another way. The rooftop opening hours will depend on the rebound time of Bitcoin! This is a truly responsible property management company!!!
9. Me: "Which one do you want to hear first, the good news or the bad news?" Wife: "The good news, I guess." Me: "EOS, which has been falling for several days, finally went up, haha!" Wife: "What about the bad news?" Me: "I sold it before it went up..." Wife: "Get down on your knees!!"
10. The current virtual coins have become like fatherless children, with only the father left...
The happiness of people in the crypto world is a laughter that comes through tears. Those absurd moments add a bit of warmth even to a bear market.
Market fluctuations are like a play, and those in the crypto world who laugh through the cold winter have long forged jokes into armor. Remember: investment requires rationality, and humor can prolong life.

#我的Web3感恩瞬间
In the crypto market, those who are patient and do good analysis and research always win.
My dear friends, when I entered the crypto world, I knew nothing; I was a complete novice. I had previously traded on another crypto exchange. Then I joined Gate io and learned a lot. I knew nothing about cryptocurrencies until I joined Gate io, but by watching live streams and reviewing posts on Gate Square, I learned a lot.
I realized that Gate io is a truly transparent, reliable, and fair crypto exchange, and one that provides its members with many benefits.
When I joined Gate io, my first move was to make small trades. Then I realized that being a VIP was a huge advantage. So I immediately became a VIP by purchasing GT tokens.
I started attending many events held at Gate io and Gate Square, winning numerous awards. I started sharing content on Gate Square. I researched cryptocurrencies and shared content on Gate Square. Thanks to Gate Square, I met many people from different countries. I met many teachers who broadcast on Gate Live.
Being a Gate io member has been a great joy for me, and it's been a true honor to be part of this huge family.
I've occasionally contacted Gate io administrators to help my friends who were struggling at Gate io, and I've helped many of them. Thanks to my posts and the live streams I've participated in on Gate Square, I've gained 2.9K followers and 105.1K likes on my posts.
I attend all the events held at Gate Square. The events are truly exciting, and they give away great prizes. No other crypto exchange in the world offers as many prizes as Gate io does at its events.
My dear friends, if you're trading cryptocurrencies, never forget that impatience always leads to losses. Patient people always win. Cryptocurrency trading requires careful analysis and patience. Never believe what others say: "Buy this and you'll make a lot of money." Don't believe those who say, "Join us, we'll give you tips and make you a lot of money." If you have any questions, we have excellent instructors on live streams. Ask them, and also check out the posts and analyses on Gate Square.
Gate io is one of the world's largest crypto exchanges, always by your side, with constantly updated and improved security measures to keep your transactions secure.
Gate Square is a constantly evolving platform where you can share your insights, analyses, and experiences. Gate Square regularly organizes events.
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#AreYouBullishOrBearishToday?
The crypto market is telling a story today. On one hand, Bitcoin is approaching the $110,000 mark, while on the other, there are ETF outflows and sharp liquidations of leveraged positions… Bulls and bears are on the same stage, and the audience watches with bated breath.
Gate.io's global data offers a clear picture:
128.58% reserve ratio → The address of trust.
15% net inflow increase → Proves investors are still in the game.
$350 billion in locked value in DeFi → The strongest argument supporting the bull side of decentralized finance.
The market is currently like an arena:
The bull side is ready to break free, its energy high.
The bear side is preparing for hibernation, quiet but strong when the opportunity presents itself.
Investors, meanwhile, are in the stands, eagerly awaiting which side will win.
My sentiment? Cautious optimism.
Because the only constant in the crypto world is change. The bears' pressure may be palpable today, but tomorrow, driven by the bulls' enthusiasm, we could witness a new peak.
The crypto market is currently like a ship sailing through a stormy sea. The waves are high, the winds are fierce, but captains who chart the right course will reach port safely.
It's also like a chessboard. Every move is strategic, each piece has a different value. And in the end, the winner will be the one who is patient.
Today, I see myself on a bridge between bulls and bears. The fear of the bears is balanced by the courage of the bulls. This balance makes crypto unique.
$BTC $ETH $XRP ‌