Market plummets sharply: BTC once reached $80,553, ETH fell below $2,700; cumulative decline in November is about 25%, potentially the worst single month since 2022; over $2 billion in liquidations across the network in 24 hours. Leverage and institutional movements: CME BTC futures fell 9.52% weekly to $85,245; ETH futures fell 11.62% weekly; spot ETF saw a net outflow of about $11.65 million in two days, with deleveraging continuing. Macro disturbances intensify: The Federal Reserve signals a "hawkish rate cut", the dollar strengthens, putting pressure on risk assets; South Korea plans to criminalize insider trading in cryptocurrencies, with penalties of up to three times the fine and one year in prison. Market outlook: If BTC drops below $80,000, it may test the range of $73,000–$82,000; sentiment remains fearful, with a focus on risk control in the short term!