A whale Long BTC and ETH with 3x leverage, total position exceeds $13 million

On November 21st, Matrixport released a market analysis perspective stating that Bitcoin has entered an extreme fear zone, and market pessimism has returned to levels near a decade's low. Solely based on sentiment, the current situation is prone to creating the illusion of a "panic bottom and risk-off event." However, beneath this surface, the data still holds many signals that many traders have not noticed. Several indicators that issued warnings before the October drop have now moved to the opposite extreme. Yet, this does not mean that the risk has dissipated. Some key indicators are showing a significant divergence from the price, indicating the formation of a short-term market structure that is almost unnoticed by anyone. At the same time, the macro pressure that triggered this round of selling has not eased. The next few weeks will determine whether Bitcoin is trending towards stability or entering a deeper pullback phase.

On November 21st, Ki Young Ju, the founder and CEO of CryptoQuant, posted an analysis on the X platform, stating: "If you are not involved in futures trading and only hold Bitcoin spot, then the current Bitcoin price appears to be in a suitable accumulation range." From the perspective of on-chain cycles, the bull market cycle may have already ended earlier this year when Bitcoin reached around $100,000. According to classic cycle theory, the market's realized price should drop to around $56,000. However, "the macroeconomic situation shows that global liquidity injection has already started, and market sentiment could rebound at any time, making selling or shorting at this time a very unwise action." Ki Young Ju also added that he may have made a wrong judgment and is no longer using leverage. Therefore, he is not very good at timing the market entry, but he still has confidence in the long-term trend.

On November 21, based on HTX market data, DYM has exceeded $0.2 and is currently priced at $0.2019. It has witnessed a surge of more than 50% in the past hour.

November 21st. According to analyst @ali_charts, by analyzing the Unspent Transaction Output Realized Price Distribution (URPD) chart, the key support level for Bitcoin is $82,045. Moreover, @ali_charts analyzed that with the same method, BNB has 3 key support levels at $853, $660, and $564.

On November 21, Tom Lee, the chairman of BitMine, stated in an interview with CNBC that the current weakness in the market is highly similar to the sharp decline on October 10. At that time, the largest-scale liquidation in history was triggered due to a stablecoin pricing error, which led to the liquidation of nearly 2 million accounts and an instant depletion of liquidity. Lee pointed out that such deleveraging cycles usually last about 8 weeks, and we are currently in the 6th week, suggesting that the market may be in the late stage of the adjustment.

On Thursday evening local time on November 21st, following Morgan Stanley, JPMorgan Chase withdrew its forecast of a 25-basis-point rate cut by the Federal Reserve in December. The bank still anticipates that the next rate cuts will occur in January and April of next year. However, Kevin Hassett, one of the candidates for the position of Federal Reserve Chair mentioned by President Trump and the Director of the White House National Economic Council, stated earlier on the same day that for the world's largest central bank, halting rate cuts at this moment would be a "very bad time" because the government shutdown has had an impact on fourth-quarter economic growth. He expects the government shutdown to cause a 1.5-percentage-point decline in fourth-quarter Gross Domestic Product (GDP). At the same time, he pointed out that the September Consumer Price Index (CPI) showed that inflation was performing better than expected.