Since the beginning of November, the spot ETFs for Bitcoin and Ethereum have not been doing well. The 30-day net inflow moving average has been hovering in the negative territory, what does this indicate? The enthusiasm of institutions is clearly declining, and money is being withdrawn. This situation, combined, directly leads to the continuous tightening of liquidity in the entire crypto market. The funding situation has worsened, and naturally, trading activity has also declined. This is the current market situation — Large Investors are observing, retail investors are hesitating, and no one wants to rush in to catch a falling knife.