#市场情绪与趋势 Liquidity hitting the bottom in November is a noteworthy point of attention. From on-chain data, there are indeed some positive signals of capital inflow during this period—whale wallet holdings are stabilizing, and the frequency of large transfers is increasing. The key point is that hitting the bottom does not mean an immediate rise; it usually requires confirmation of the stability of the cyclical bottom.

Currently, it is more important to monitor the capital flow of exchanges—if large holders continue to net outflows from exchanges while on-chain contract holdings show no abnormal expansion, this mild liquidity rebound will be more meaningful. Conversely, if it is just a technical rebound without capital support, the risk of repeatedly testing the bottom still exists. It is recommended to continue observing on-chain movements in the first half of December for confirmation, especially the performance of large transactions at support levels.