#市场情绪与波动 The data from November is quite interesting. The BTC/ETH fall was between 20-25%, but this decline was extremely unevenly distributed—there was significant net selling pressure during the European session, while the Asian and American sessions remained basically flat. What does this indicate? The selling pressure is not globally synchronized, but is driven by specific regional funds. The continuous selling pressure during the European session became the straw that broke the camel's back, while the funds in Asia and the Americas are on the defensive or holding coins in wait-and-see mode. This level of differentiation across time zones is hard to attribute to retail behavior and more likely indicates strategic adjustments by institutions or large capital. From an on-chain signal perspective, what this type of unilateral selling pressure usually indicates is: either a rapid decline in risk appetite (macroeconomic shocks), or that certain positions need to be liquidated. If it's the former, we need to pay attention to whether the US and Asia time zones will follow suit; if it's the latter, it may instead indicate that bottom signals are brewing. November has been the weakest performance since 2018, but structurally, there are no signs of a consistent global capital exodus. This leaves some room for a rebound in December. Continue to track the movement of European funds, especially whether there are signs of replenishment in early December.