On November 25, news from QCP's latest report indicated that the cryptocurrency market fell yesterday, with over $100 million in BTC and ETH positions liquidated on major exchanges. However, both remain steadily above the key support levels of $95,000 and $3,200, respectively. Despite some corrections over the weekend, the forward volatility remains high. The market expects BTC to maintain a range-bound movement before December, while the short-term focus shifts to ETH. The ETH risk reversal indicator shows high demand for short-term call options, while demand for BTC call options is concentrated after December 27, 2024, potentially related to the impact of Trump’s supportive policies for cryptocurrencies, which are expected to take effect next year. Recently, BTC's market capitalization share has decreased from 62% to 59%, reflecting a trend of funds gradually shifting from BTC to ETH and other altcoins. Additionally, today Michael Saylor hinted at possibly increasing his BTC holdings. The market is watching whether MicroStrategy's new round of purchases will push BTC above the $100K mark; if achieved, BTC could rise further, while altcoins might be affected in the short term.

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