Something is off; usually, it only drops during North American hours, and it aligns with macro news and sentiment. This time, it dropped directly during the Asian session, the worst liquidity time in the afternoon. Did a big player or market maker blow up? Or is it the old guy who set off a targeted explosion at BTC 82000?
Today, Bitcoin and Ethereum both closed down on the annual K-line, it's really hard to evaluate! Just looking at the K-line, it feels more like the A-shares. Previously, it was a clear bull market, now it feels like a clear bear market. We don't need to predict at all; once the institutions turn, we can just follow in. At that time, it doesn't matter whether retail investors are scared or panicking.
Today's hot opportunities:
1. In September, the U.S. non-farm payrolls unexpectedly increased by 119,000, but the unemployment rate rose to a four-year high of 4.4%. The Fed's interest rate cut decision is more complicated, and the market still bets that there will be no rate cut in December, with Polymarket currently estimating 34%.
2. nillion: A market maker recklessly sold NIL tokens and has initiated a buyback.
3. GANA_PayFi: Hackers used EIP-7702 to attack, stealing $3.15 million.
4. The Bitcoin ecosystem's BOB project TGE went live, and the price directly fell below its issue price, which shows how cold the market is.
5. Base co-founder Jesse's jesse token went live, and last night a scientist bought the dip, making $1 million.
6. MegaETH is promoting a pre-stored cross-chain bridge: exchanging Ethereum USDC for Mega mainnet USDm, limited to $250 million, starting on 11/25.
BTC
In 3 minutes, the price plummeted from 85,000 to 81,000! Bitcoin's hourly trading volume set the second-largest hourly trading volume after the major drop on October 10. This wave cleared out many long positions. It is also the third time the drop around -35% has found support, with the unique aspect being that the time taken for each drop is getting shorter.
Bitcoin may encounter resistance at $89,000 and undergo a second test. The short-term target is initially set at $98,000; if it can strongly break through the previous high, the long-term outlook will be $132,000.
In addition, the market may see a phenomenon different from the past: Bitcoin has been on a bull run alone for two to three years; will the rhythm change? Next, it's time for altcoins to have their turn, right?
ETH
Similarly, Ethereum has also been struggling, already dropping to 2600, with a clear bearish structure on the 4-hour chart. The MACD has also broken, and if the rebound cannot hold above 2900, it will all be a trap for the bulls. The key going forward is 2700; if this level breaks, the next target will be in the 2520-2480 range.
Overall, for Ethereum, regardless of how it fluctuates in between, the rebound high is likely the recent peak. Resistance levels are 2830-2870-2900, and support levels are 2600, 2520, 2480.
Altcoins
In the last 24 hours, a total of 397,442 people globally have been liquidated, with a total liquidation amount of $1.926 billion. Long positions were liquidated for $1.789 billion, while short positions were liquidated for $137 million. The largest single liquidation occurred in Hyperliquid-BTC-USD, valued at $36.7828 million.
The crypto world now has another crash anniversary: February 24, 2014, the Mentougou incident — September 4, 2017, major crash — March 12, 2020, crash — May 19, 2021, crash — October 11, 2025, crash — November 21, 2025, crash!
After the retreat of the 'second saint,' the meme circle has quieted down a lot. After the market peaked, what I care most about is the trend. Recently, I've slowly been focusing my time on memes.
Currently, the market lacks the second saint and alpha, and expectations are dry. Everyone should remember the crazy era of ACT and MOODENG. Old fans know my track record with ACT, MOODENG, and CHEEMS. Whether it's conspiracy or speedrun, I will scan from the blockchain and see clearly from the surface to the core.
This time for $Luna, I didn't choose $pump, even though there was a maximum profit of four times; I'm still holding it now. I believe the true 'Luna launchpad' won't just pump once and end; it doesn't have the volume to pump just once. As a result, everyone thought it was over after the pump, but it quietly reached $2.7 million. As long as it breaks through the initial cost area where KOLs entered, the second wave will come.
$APR
I've been lying flat for a long time; trading volume has also shrunk to the extreme, belonging to the 'calm before the storm.' At this time, often a big news can ignite the market.
The good news is that it just received investment, and a major update is also coming soon. The longer it stays sideways, the more it might surge; bears might just get 'burned' directly. At this point, the opportunity may outweigh the risk.
