November 21, 2025

The market has dropped unexpectedly. From yesterday to today, Ethereum has fallen by another 10 points, and Bitcoin has completely broken below the 90,000 support level, hitting a low of 82,500. Although this price is within expectations, it was absolutely unimaginable a month ago. However, I also mentioned yesterday that the speed of the market's decline will slow down. The significant drop in the U.S. stock market last night did not lead to a large decline in the crypto market; instead, today's drop seems to indicate that there are still people in the crypto market selling off.

The main force behind the selling includes not only the big whales in the crypto market but also some U.S. companies and fund companies that buy cryptocurrencies. The cryptocurrencies held by U.S. companies will inevitably reflect the pressure on stock prices after the price is under pressure. To account for shareholders, they will be forced to sell their holdings. Fund companies correspond to secondary players, and for them, it is not like crypto market users who can buy at the bottom infinitely. Many are institutional funds that must stop losses once risk control is triggered.

But I think the trend in the cryptocurrency market should still be referenced by the large companies in the sector. There are reports indicating that Tether has taken out 1 billion USD from its reserves to buy the dip on BTC, which suggests that the price of Bitcoin hitting a temporary bottom is quite likely. Of course, it won't immediately rebound; it just means that now is a time to start buying some.

In terms of price, in a certain sense, we are no longer at the boundary between bull and bear markets; we can say we have entered a bear market. Of course, we are not yet at the depths of a deep bear market, as that also takes time. If we acknowledge that we have entered a bear market, we can start implementing bottom-fishing strategies. I myself have not stopped my grid trading these past few days, buying more as the price drops. In this phase, mainstream assets are surprisingly less fearful, after all, ETH has almost halved from its relative high point.

Thank you for your attention, and we are going to start holding on together again.