According to BitMart's market report on November 4th, BTC is fluctuating around 108,000, and the market remains uncertain until it breaks through 118,000. As a policy-sensitive asset, a wait-and-see approach is recommended in the short term. If there is a significant pullback, the 70,000 level can be considered a long-term safe zone. In the past week, BTC spot ETFs saw a net outflow of approximately $800 million, while ETH spot ETFs saw a slight net inflow. ETH has been weaker than BTC for the past two weeks, fluctuating around the 3900 level. Options are bearish, and most on-chain positions are losing money, but institutions are still increasing their holdings. Altcoins are generally weak, with most falling below the 10/11 lows, awaiting confirmation of the BTC trend before stabilizing. On the macro level, global markets are highly volatile but there is no systemic risk at present. The PMI is 48.7, contracting for eight consecutive months, while the supplier index is rising at 54.2 and the price index is falling, which is a positive sign. A December rate cut is uncertain; the probability would only significantly increase if non-farm payrolls are below 30,000 for the next two months. Government shutdowns may cause the Federal Reserve to "pause its observation." US stocks are supported by AI capital expenditure and earnings, but valuations are high, and slower-than-expected progress may trigger a correction. Pay attention to the 3.75% threshold for 10-year US Treasury yields and the progress of the US-China rare earth dispute. The above is market observation and does not constitute investment advice.