Let's be precise. The November crisis has not officially ended, but the collapse phase seems nearly complete. What we are seeing now is stabilization, not euphoria.
The main driver of this collapse was macro, not a specific problem with Bitcoin. Tight liquidity, a cautious mood, and stacking in positions have severely affected cryptocurrencies. Macro conditions have improved slightly, but they are still not completely healthy. For this reason, expecting a rapid upward movement from here would be a mistake.
What has clearly changed is the leverage.
Open interest levels are much lower compared to pre-collapse levels, and funding has calmed down. This usually tells us that forced selling is nearly over. Major collapses don't really end when the price stops falling — they end when the leverage is reset, and that part has already happened.
The behavior of the ETF also supports this view. During the collapse, the outflows were continuous and heavy. Now we see mixed flows — one day inflow, the next day outflow. This is not distribution. It is balance. The same pattern occurred after the 2022 collapse: first stabilization, then liquidity building, then slow recovery.
👉 That’s also why the key voices have remained quiet.
Michael Saylor treated November as a holding phase, not a damage to the essence of Bitcoin. CZ has said several times that sharp declines are part of the design of digital currencies. Tom Lee and other macro-focused analysts pointed to liquidity and positions, not panic or broken fundamentals.
If you have read my posts, you likely remember that I previously said this crisis would probably remain active until the first week of December. That has come to pass. Now, we are in an accumulation phase, but it is not clean. It is slow, uneven, and selective. This is typically how real accumulation looks.
✅ My opinion is simple. Unless we are hit by a new macro shock, the worst damage is probably behind us. This phase is about rebuilding, not chasing.
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