November 25, 2025

The market has undergone another significant rebound, especially Ethereum, which has seen a prominent rebound, with the highest price nearing $3000. Although looking at the daily chart, this price trend remains quite ugly, the recent performance over the past few days is still commendable given the recent weakness, especially since today is Tuesday, which means the institutional selling phase has come to an end.

Additionally, today I also saw an analysis that suggests the sudden large transfers of coins to exchanges by ETF institutions like BlackRock indicate that users' ETF selling (dumping) has come to an end. This is because only when users sell their ETFs will redemptions occur. At the same time that users sell their ETFs, market makers have already sold the coins through hedge accounts and will then go for redemption. In short, the sharp decline last week was indeed due to large sell-offs by institutions and ETF users, which corresponded to a significant drop in trading volume, but as of today, this wave of selling pressure has come to a conclusion.

Another basis that better fits this judgment is that the exchange rate of USDC/USDT has fallen from its peak to a normal range. However, it is important to note that both the transfer of funds from BlackRock's address and the USDC exchange rate indicator have a lagging nature, and we can only analyze the reasons for this significant drop afterward. Additionally, based on the decline of Ethereum, the significant drop last week was accompanied by a large amount of selling, which corroborates some people's speculation that Wall Street's investment in ETH is primarily a secondary choice due to the high price of BTC.

From ETH's rebound, the market seems to have reacted a bit. The price authority of cryptocurrencies does not belong to Wall Street; why should we be restricted by the influence of ETF sales? From the current situation, the U.S. stock market is also gradually stabilizing, and the price low set last week is expected to become the recent bottom. However, the recovery is far from over. Ideally, the next month should see a bottom consolidation, followed by a new round of increases.

Thank you for your attention and likes.