#加密市场观察 The views of analysts on the future of the cryptocurrency market are diverging. Coinotag believes that if liquidity continues to tighten and token unlocks are not hindered, the cryptocurrency market will remain under pressure. Positive factors such as clearer regulatory policies or improvements in the macroeconomic situation may alter this trend. The positions in the options market show that traders are betting on further falls in Ethereum.

Data from Dit shows that the open interest for Ethereum put options expiring on November 28 has significantly increased. It is particularly concentrated at strike prices below $3700, $3500, and $3000.
Analysts remind that "resilience ≠ reversal"; before any positive changes in the macro environment occur, it is still difficult to assert that the certainty of a rebound has been established. As of the morning of November 4th, Bitcoin slightly rebounded above $107,000, and market panic sentiment eased slightly. This drop once again highlights the high-risk characteristics of the encryption market—price volatility is severe, with over 330,000 investors facing liquidation within 24 hours. The future direction of the market largely depends on changes in the macro environment. As Federal Reserve Board member Cook stated, whether there will be a rate cut in December "will depend on subsequent new information"; against the backdrop of tightening global liquidity, the test for the encryption market may just be beginning.