11.26 Evening Market Overview:

BTC closed at 8 PM today with a large bearish candle, marking the first significant correction of nearly 7% after failing to break through the 100K mark.

Looking at the 4H chart, the major coin has already broken the neckline of a double bottom formation. According to a 1:1 retracement, it could ultimately reach around 86873, but that is not guaranteed; currently, strong support is at 91332; then the next level is 89261, both of which are critical levels where support and resistance swap, making them very important. The extreme continuation pattern indicates a 1:1 proportional retracement around 86873; resistance levels are at 94295, 95169, 96042.

The market share of the major coin has decreased from 61.44% last week to 56.89%, indicating that liquidity in the major coin is starting to decline. Since funds are retreating, a decline in price is inevitable; a significant correction after a substantial rise is normal, and it is a healthy long-term guarantee for market turnover, while also providing a great opportunity for me to get in.

Yesterday, there was a net outflow of 4440 contracts in the major coin ETF, almost 1 to 10 with BlackRock, while the others either had outflows or remained stagnant, with only BlackRock buying an additional 2730 contracts of the major coin. Since large institutions are still buying, it indicates that they still see value in the major coin; of course, this could also be a case of handovers between Grayscale and BlackRock. My personal speculation is: previously, Grayscale was the largest holding institution, continuously selling to BlackRock, which has now overtaken as the largest institution. This is quite thought-provoking.

ETH: Yesterday and today, it has remained quite resilient. Although it broke through the first and second support levels, it still remains stable above 3260. Finally, no one is calling it weak anymore. Typically, when the major coin drops by 6-7 points, ETH would at least drop to 2800-3200, but today it is still comfortably above 3260. While it isn't soaring at the moment, it is indeed resilient against pressure!

At the same time, as liquidity in the major coin weakens, it is gradually flowing into altcoins, with the first inflow definitely focusing on the king of altcoins, ETH. Additionally, the amount of USDT minted on the ETH chain has exceeded 5 billion USD during this period, allowing it to regain dominance over USDT, surpassing Tron for the first time in 2022; hence, the altcoin season for this cycle will definitely come, just a bit later.

Support for ETH is at 3281 and 3250; resistance is at 3381, 3413, and 3445;

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