According to recent market data and professional analysis (late November 2025), the cryptocurrency market is indeed in a general bear market phase. The decline is caused by various factors, and market sentiment appears quite pessimistic. #ETH巨鲸增持

There are several deep-rooted reasons for the current market negativity:

1. Structural reasons:

Structural selling rather than short-term panic: This round of decline is defined by analysts as "structural" selling. This means the decline is not driven by momentary panic but by changes in the underlying structure of the market, such as the continued exit of institutional investors (through ETFs) creating strong selling pressure.

2. Clearing of leverage:

During the market decline, a large number of leveraged traders were forced to liquidate (liquidation). For example, in one drop, the liquidation scale of Bitcoin futures exceeded $1 billion. This "de-leveraging" process amplifies the market's decline, causing prices to spiral downwards.

3. The fading of market hotspots:

The fervent sentiment that previously drove the market up, such as the hype around certain meme coins, has cooled. This has led to a decrease in market liquidity, and caused on-chain activity data for public chains like Solana to plummet, making it difficult to maintain the wealth effect.

Finally, it is advised that everyone prepare and strategize for the bear market in advance.

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