On November 25th, Bitcoin continued to rebound and reached around $88,000. The entire crypto market rose cautiously ahead of the release of a series of postponed U.S. macro data. This week, BTC has been fluctuating within the range of $85,000 to $89,150, continuing the upward trend of the weekend. The total market capitalization of cryptocurrencies has returned to around $3.07 trillion. Ethereum remained stable around $2,900. Solana rose by nearly 6% to around $136, supported by continuous rotational inflows into spot ETFs. However, the overall market sentiment remains cautious. Large-cap coins are leading the rebound, while mid-cap tokens continue to underperform after significant deleveraging last week. On Monday, ETF data once again showed differentiation: Bitcoin ETF saw a net outflow of $151 million in a single day, continuing the weeks-long trend of risk aversion; Ethereum ETF saw a net inflow of $97 million; Solana ETF saw a net inflow of $58 million; It is particularly noteworthy that the Solana ETF has maintained a net inflow for 20 consecutive days since its launch, which is completely contrary to market sentiment. Nevertheless, the overall crypto fund market remains under pressure. In the past week, global crypto ETPs saw a massive net outflow of $1.9 billion, marking the third-largest single-week outflow since 2018. Timothy Misir, Head of BRN Research, stated that this reflects a broader risk pattern: Bitcoin continues to be the primary “risk-off” tool, while ETH and SOL have become structural rotation targets for long-term capital.
