$BTC
🔥 Has the November crash really ended, or are we facing a new wave of bleeding? This is my candid assessment (and I hope it's useful) 🔥
Let's be precise:
The November crash has not completely closed its chapter yet, but the phase of violent break seems to have largely ended. What we are currently witnessing is a relative stability, not a wave of optimism or an upward rush.
The main reason for this crash was macroeconomic factors, not a fundamental flaw in Bitcoin itself.
Liquidity shortage, investors turning to risk aversion, and accumulation of positions… all of these factors hit the crypto market hard. It is true that conditions have improved partially, but they are still far from full recovery, and therefore expecting a rapid rise from these levels is a mistake.
What has clearly changed is the leverage.
The open interest has significantly decreased compared to before the crash, and funding rates have calmed down. These signals usually indicate that forced liquidations have largely ended. Major crashes do not end when the price stops falling, but when the leverage is liquidated… and this has indeed happened.
The behavior of ETF funds also supports this scenario.
During the crash, the outflows were strong and continuous, but now we notice a balance: a day of inflows and a day of outflows. This is not a distribution, but a phase of balance. It is the same pattern that appeared after the 2022 crash
