<p> According to data from SoSoValue, the cryptocurrency market as a whole trended downwards on November 21st, with 24-hour declines generally ranging from 2% to 8%. Bitcoin (BTC) fell 5.71%, dropping below $88,000; Ethereum (ETH) fell 5.63%, dropping below $2,900. However, the GameFi and NFT sectors remained relatively resilient, rising 0.20% and 0.63% respectively. Within the GameFi sector, Beam (BEAM) rose 6.38%; within the NFT sector, Audiera (BEAT) surged 84.18%.</p><p> In other sectors, Layer 1 fell 3.79% in the last 24 hours, with NEAR Protocol (NEAR) down 12.36%; CeFi fell 3.98%, with Aster (ASTER) down 9.93%; Meme fell 4.25%, with Cheems Token (CHEEMS) bucking the trend and rising 10.40%; DeFi fell 4.32%, with Uniswap (UNI) down 7.88%; PayFi fell 4.82%, with Telcoin (TEL) down 19.39%; and Layer 2 fell 5.05%, with SOON (SOON) down 17.72%.</p><p> The crypto sector indices, which reflect the historical performance of the sector, show that the ssiSocialFi, ssiDeFi, and ssiLayer2 indices fell by 8.85%, 8.33%, and 7.15%, respectively.</p>

<p> According to data from CoinGecko, as reported by Odaily Planet Daily, the total market capitalization of cryptocurrencies has fallen to $3.042 trillion, a 5.5% drop in the last 24 hours. BTC&#39;s market share is currently at 59.3%, and ETH&#39;s market share is currently at 12.1%.</p>

<p> According to CME&#39;s &quot;FedWatch,&quot; the probability of the Federal Reserve cutting interest rates by 25 basis points in December is 39.6%, while the probability of keeping rates unchanged is 60.4%. The probability of the Fed cumulatively cutting rates by 25 basis points by January next year is 50.2%, the probability of keeping rates unchanged is 29.7%, and the probability of cumulative rate cuts of 50 basis points is 20.2%.</p>

According to OKX market data, BTC has fallen below 86,000 USDT, currently trading at 85,978.3 USDT, a 24-hour drop of 6.96%. (This news item was generated with AI assistance.)

According to OKX market data, ETH has fallen below 2800 USDT, currently trading at 2799.74 USDT, a 24-hour drop of 8.09%. (This news item was generated with AI assistance.)

<p> According to Coinglass data, the total open interest of ETH futures contracts decreased by 5.48% in the past 24 hours, currently standing at $36.153 billion. The top three exchanges by open interest are Binance, CME, and Gate, with Binance holding $7.631 billion, CME $6.259 billion, and Gate $3.397 billion.</p>

<p> Odaily Planet Daily reports that trader Banmu Xia wrote that Bitcoin currently has two high-probability bottoming levels: 81,800 and 74,800 (Coinbase price), as well as the range between these two prices. If it reaches 74,800, it is very likely to be the lowest point of this bear market.</p>

<p> According to Odaily Planet Daily, JPMorgan analysts stated that the recent correction in the crypto market—especially after Bitcoin fell below the bank&#39;s estimated production cost/support level of $94,000—was primarily driven by retail investors selling Bitcoin and Ethereum spot ETFs, rather than by native crypto traders.</p><p> &quot;While the market correction in October was driven by significant deleveraging by crypto-native investors (particularly in perpetual contracts), this deleveraging in perpetual contracts appears to have stabilized in November,&quot; wrote Nikolaos Panigirtzoglou, Managing Director at JPMorgan Chase, and his team in a report on Wednesday. &quot;Conversely, the main force driving the continued crypto market correction in November was non-crypto investors, particularly retail investors who entered the crypto market through Bitcoin and Ethereum spot ETFs.&quot;</p><p> Analysts point out that retail investors have withdrawn approximately $4 billion from Bitcoin and Ethereum spot ETFs so far this month, exceeding the record net outflows of February. This behavior contrasts sharply with retail investor flows in the stock market. Retail investors have already poured approximately $96 billion into equity ETFs (including leveraged products) in November—if this pace continues until the end of the month, the total will approach $160 billion, comparable to levels seen in September and October.</p><p> They pointed out that retail investors have previously exhibited similar &quot;divergent behavior&quot;: aggressively buying stocks on the one hand, while selling crypto ETFs in only a few months this year (February, March, and now November). This shows that retail investors still view crypto assets and stocks as two separate asset baskets, even though both are risky assets.</p><p> AI</p>