🌐 Global market cap: $2.95T, fluctuating rebound, Bitcoin has re-established itself above $86,600, with a nearly 3% daily increase.
📶 Market sentiment: Fear and greed index: 12, with slight recovery amidst panic. The number of liquidated individuals across the network exceeds 110,000, but the panic sentiment has eased from the extreme state of the previous day.
💸 Funding and liquidations
In the past 24 hours, the market rebound has led to the liquidation of a large number of short positions.
Total liquidation amount and number of people: The total liquidation amount across the network is $206 million, with 117,874 people liquidated.
Long and short distribution: In contrast to the previous decline, the liquidations are mainly concentrated in short positions. Short position liquidations amount to $123 million, while long position liquidations amount to $83.5913 million.
Major coins: Bitcoin short liquidations amounted to $49.4136 million, and long liquidations to $9.6357 million; Ethereum short liquidations amounted to $24.9386 million, and long liquidations to $12.2341 million.
Massive outflow of ETH: In the past 24 hours, centralized exchanges (CEX) saw a net outflow of 253,100 ETH, with Coinbase Pro accounting for 216,500 ETH and Binance for 97,300 ETH. This may indicate that a large amount of ETH is being transferred to custodial wallets, reducing potential selling pressure.
🔥 Today's focus
Cryptocurrency market rebounds sharply: After consecutive large declines, Bitcoin surged strongly over the weekend, rising nearly 3% and returning above $86,600, even briefly breaking $87,000 during the day. Ethereum, Dogecoin, and others also saw significant increases.
Federal Reserve's expectations for rate cuts in December have significantly rebounded: According to the CME Fedwatch tool, traders' expectations for a 25 basis point rate cut by the Federal Reserve in December have soared from 39.8% last week to 67.3%. This is primarily due to the dovish remarks made by New York Fed President Williams, who indicated that a rate cut may be reasonable "in the near future."
Clear differences in opinions within the Federal Reserve: Although Williams has signaled dovishness, Boston Fed President Collins believes there is no need for the Federal Reserve to continue cutting rates in December. Currently, among the 12 voting FOMC members, 5 lean towards keeping rates unchanged, almost forming a stalemate.
Bitcoin has retraced over 30% from its historical high: Despite the rebound over the weekend, Bitcoin's current price is still down more than 30% from the historical peak of $126,000 in early October, marking a new low in nearly 7 months, with all gains for the year wiped out.
📊 Performance of mainstream coins and hot sectors
Performance of mainstream coins (data as of November 24, before midnight)
₿ BTC: $86,161 (daily increase of 2.91%, decrease of 8.32% over 7 days).
Ξ ETH: $2,805 (weekly decrease of 10.12%, monthly decrease of 26%).
Popular sectors and projects
Notable gainers:
MYX (MYX Finance): $2.89 (+14.73%), leading the market, recently underwent a severe short squeeze.
CAKE (PancakeSwap): $2.25 (+8.04%), officially announced an upcoming favorable announcement.
XMR (Monero): $372.42 (+8.03%), with privacy coin demand being a focus.
AI and Web3 sectors are active: In the popularity rankings, DeAgentAI (AIA) rose 41.00%, Maverick Protocol (MAV) rose 57.49%, and 0G (0G) rose 19.75%.
🌍 Macroeconomic and regulatory dynamics
Key U.S. economic data will be released intensively: The September producer price index (PPI), retail sales, industrial production, and third-quarter GDP data, which were delayed due to the previous government shutdown, will be released this week. However, due to the lack of data for October, the Federal Reserve's December meeting still faces the challenge of "blind flying."
G20 summit adopts joint declaration: The G20 leaders' 20th summit was held in Johannesburg, South Africa, where participants reached a consensus on key agenda items and adopted a declaration, emphasizing the need for multilateral cooperation to address global challenges.
China's central bank strengthens financial cooperation with the South African Reserve Bank: The Governor of the People's Bank of China, Pan Gongsheng, met with the Governor of the South African Reserve Bank to exchange views on bilateral financial cooperation and expressed a willingness to provide higher quality financial services for trade and investment between the two countries.
U.S. tech stocks rebound: Wall Street indices rose, driven by the recovery in Federal Reserve rate cut expectations. Analysts believe that the earlier decline in U.S. stocks was dominated by macro factors rather than an AI bubble burst, and the fundamentals of the AI sector remain solid.
🐌 Market insights
On November 23, the market welcomed a sharp rebound driven by the significant recovery in Federal Reserve rate cut expectations. Bitcoin returned above $86,000, and the scale of liquidations across the network significantly fell compared to the previous two days, predominantly driven by short positions.
Technically, the $80,000 level for Bitcoin is seen as a key support level. Whether this rebound can persist will depend on whether it can effectively break through and stabilize in the resistance area of $88,000 to $90,000.
On-chain data shows a massive net outflow of ETH from centralized exchanges, which could indicate that investors are moving assets to long-term storage wallets, reducing potential selling pressure on exchanges, a positive signal.
In terms of sectors, decentralized exchanges (DEX), privacy coins, and AI+Web3 projects have performed well, indicating that the market is actively seeking structural opportunities and resilient sectors during the rebound.
In the short term, the market's focus will completely shift to several economic data points from the U.S. for September and further statements from Federal Reserve officials, which will provide more clues for the December interest rate decision and may determine the quality of this rebound.
