Last night, the market was still affected by the fall of the U.S. stock market, temporarily dropping below 90,000 again. The market's long positions were once again liquidated in a wave, and the current liquidation map shows that BTC, ETH, and SOL are still predominantly in short positions and relatively concentrated.

In the ETF spot market, institutions still need to pay more attention to BlackRock. BTC spot saw a net outflow of $1.4259 billion from 11.12 to 11.18, and ETH spot experienced a net outflow of $778.8 million from 11.11 to 11.18, which has led to a lack of short-term confidence in the market and a continuation of extreme panic sentiment. This indicates a pessimistic short-term outlook, resulting in limited rebound strength in the overall market. Therefore, it is important to closely monitor whether the funds from BlackRock will continue to flow out in the near future.

Currently, the monthly chart of the overall market has reached the key area of the upward trend line. Whether it can hold is what I believe to be the most important. Once it falls below and fails to rebound, it means the major upward trend is over, and the market will enter a major downward trend. This will exacerbate bearish and panic sentiments in the market, or in other words, it will enter a bear market. Meanwhile, the weekly and daily charts, as I have mentioned before, are still in a downward trend and have not seen a significant rebound, so it is still advisable to take high short positions.
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