Key Indicators (November 17, 4 PM HKT to December 1, 4 PM HKT)
$86,400(ETH/USD: -11.9% )$3,200

The crypto assets market suffered a heavy fall in early winter, with BTC dropping below $87,000, indicating overall weak risk appetite. Meanwhile, the U.S. stock market performed strongly, with the S&P 500 index rising by 3.7%. Holiday sales data was good, and the economic fundamentals remain robust. The next focus will be on the Fed meeting and related economic data to assess future policy direction.

After experiencing a sharp selling off last week, Crypto Assets are showing initial signs of stabilization. On Monday morning, prices rebounded from a low slightly above 80,000, trading close to 88,000. With Fed Chair Williams reigniting expectations for a rate cut in December, the market entered the Thanksgiving holiday week with some cautious optimism. A strong rebound in the stock market (S&P 500 +1.5%, Nasdaq +2.7%) and early rebalancing flows as the month-end approaches also helped boost risk sentiment.
Risk sentiment has broadly improved, and the open interest in BTC options has slightly turned positive, with the put/call ratio for options expiring at the end of the month around 0.67. A large number of put options have strike prices concentrated around 80,000, with a skew towards put options being aggressively bought, while call options are being heavily sold. The market undoubtedly feels better hedged against further declines, allowing it to enjoy a rebound above the support level of 82,000.

November 17th, 4 PM Hong Kong Time)
$95,600) ETH to USD: -11.6% ($3,620
The rebound brought by the news of the U.S. government's restart was short-lived. The market approached the support zone of $98,000-$100,000 but then fell again. This led to a price drop to the support level of $93,000-$94,000, which has successfully absorbed selling pressure and has been maintained. Currently, it seems that the decline that started from $112,500-$115,000 after the flash crash in October has basically ended, although it is difficult to determine the exact low point, we believe that the small declines below this level provide a good buying opportunity.

Over the past week, cryptocurrency prices have declined again. BTC fell back after reaching $94,000 on Monday due to lighter selling pressure. Major cryptocurrencies dropped by another 10-20% week-on-week, and market sentiment has become unprecedentedly pessimistic, even surpassing the previous bear market. While macro headwinds can explain part of the selling pressure, the performance of cryptocurrencies has indeed lagged behind most other asset classes, including the leveraged tech stocks that are most correlated with them.
In addition, following the market crash in October, ongoing rumors about market makers suffering significant losses led to a noticeable decline in order book liquidity, exacerbating market volatility, especially downward volatility.
It is not surprising that we have witnessed rapid deleveraging and actual capital outflows across the entire cryptocurrency sector. After large-scale liquidations of futures on centralized exchanges, ETF capital outflows and DAT sales also reached new highs for the year, with BlackRock's IBIT recording the highest single-day outflow in history.