The market shows signs of stabilization, there are still structural opportunities.

Recently, the cryptocurrency market has revealed some noteworthy signs amidst the volatility, from capital flows, derivative risks to the performance of structural sectors, all reflecting that the current market is in a crucial phase.
The slowdown in the outflow of stablecoins may indicate the proximity of a phase bottom.
Data on the blockchain shows that the total market value of stablecoins experienced a net outflow of around 3 billion dollars in mid-November, with a more evident selling pressure on stablecoins like USDC, while the volume of USDT remained relatively stable. This outflow trend reflects investors' caution during the market adjustment process.
However, since the end of November, the net outflow of stablecoins has decreased significantly, showing initial signs of stabilization. Historically, several times when the market hit bottom, this was accompanied by a recovery in the supply of stablecoins. This signal deserves ongoing attention; if the market capitalization of stablecoins can stabilize and recover, it may mean that the market is about to receive a new round of capital flow.
Accumulated risk in the derivatives market, the volatility of key price levels may increase.
The derivatives market also conveys signals of increased uncertainty. The implied volatility of short-term options has quickly risen from its lowest point in October to the year's high range, indicating that the market is significantly more optimistic about short-term price fluctuations.
An even more concerning risk is the result of the distribution of positions in options. At the end of November, a large amount of put options concentrated at $80,000 and an accumulation of call options at $125,000 by the end of December significantly amplify the Gamma risk near these critical price levels. As the price approaches these strike points, short-term volatility can increase dramatically, and investors should be prepared for adequate risk management.
The resilience of the structural sector remains, and the medium to long-term value base has not changed.
Despite the overall correction of the market, the fundamentals of various structural sectors remain solid. The RWA (real world) assets sector has shown continuous growth in its on-chain scale throughout the year, with institutional participation steadily increasing, demonstrating an accelerated trend of merging traditional finance and the crypto world.
The Solana ecosystem remains active during the correction, with user activities on-chain and transaction volume still on a trajectory of healthy growth. The volume of assets locked in Ethereum's Layer2 solutions continues to expand throughout the year, with technological innovations and practical applications advancing continuously. The fundamentals of these sectors have not suffered substantial deterioration, and the current correction may actually provide better positioning opportunities for long-term investors.
Generally speaking, the market is undergoing a complex consolidation phase. The slowdown in the outflow of stablecoins provides a positive short-term signal, the accumulation of risks in the derivatives market requires vigilance, while the resilience of structural sectors continues to support medium- to long-term value investing. At this critical moment, investors need to be aware of short-term risks, but they should also not ignore structural opportunities.