Original Author: Chloe, ChainCatcher

Just four days into November, the crypto market has already experienced a significant pullback, with Bitcoin dropping nearly 13% over the past month, retreating to around $104,000 from previous highs, with prices fluctuating repeatedly. The trading price of ETH has also fallen nearly 20% during the same period. In the face of this pullback, market sentiment is generally anxious, with many asking if this is the bottom? Has it completely turned bearish? Is this pullback a genuine peak reversal, or is the market perhaps in the darkness before dawn?

ChainCatcher has compiled interpretations from industry experts, analysts, traders, and institutional investors from different perspectives, and how do the bulls view this market pullback?

Market OGs Taking Profits

Enflux pointed out in a report to CoinDesk that liquidity is flowing out of cryptocurrencies and back into traditional finance led by AI and fintech. Enflux stated that Wall Street is preparing for another round of increases, driven by liquidity and infrastructure investments, while cryptocurrencies will continue to test where the true bottom lies.

QCP Capital believes that the recent pullback is not significantly related to macro factors. Instead, Bitcoin's "veteran" holders are taking profits after a long-term rise, selling large amounts of BTC to exchanges like Kraken. On-chain data shows that about 405,000 BTC of long-term held supply has changed hands in the past month, but prices remain above the $100,000 threshold. QCP stated, "The market absorbed traditional supply without breaking key support," and noted that leverage remains low, with funding rates flat.

Notable Wall Street market analyst Jordi Visser shares a similar view, stating, "The predicament is real, and frankly, the sentiment in the cryptocurrency market is very poor." However, Jordi Visser believes that Bitcoin is currently undergoing a "silent IPO."

He pointed out that the current price consolidation in the market is not a sign of failure but a normal process for early holders to realize gains. Visser explained, "Galaxy Digital CEO Mike Novogratz disclosed in a recent earnings call that the company sold $9 billion worth of Bitcoin for a client, which represents that the OGs are exiting in an orderly manner."

This process is akin to the expiration of a lock-up period after a traditional IPO, where early investors are not panic selling but are methodically distributing their holdings. "They are very patient, having waited for years to reach this moment." He believes that the decoupling of Bitcoin from risk assets proves this point; if it were macro-driven weakness, Bitcoin should have fallen alongside risk assets rather than showing divergence.

Bitcoin Continues to Follow Typical Post-Halving Trends, Price May Break Through

Robert Kiyosaki, author of "Rich Dad Poor Dad," has once again issued a warning of a crash, stating, "A massive crash is beginning, millions will be wiped out, protect yourself, silver, gold, Bitcoin, and Ethereum will protect you." However, he has issued about 30 similar crash warnings between November 2024 and October 2025. Cryptonews mocked this, noting that while the market is indeed bad, Robert's track record is also poor, as historical data often shows market trends contrary to his predictions.

Maria Carola, CEO of StealthEx, believes that market risks remain high, but the market appears stronger than in previous cycles. However, she also warned that while liquidity is stronger than in previous cycles, the frequency of extreme flash crash events has decreased, but systemic risks, such as major LPs withdrawing liquidity, unexpected macro events, or regulatory shocks, could still trigger significant volatility.

Cais Manai, co-founder and product head of TEN Protocol, pointed out that Ethereum's recovery remains uncertain amid changing macro conditions. If the Federal Reserve leans dovish and risk appetite returns, we may see ETH quickly recover to $4,500, especially if ETF inflows remain healthy.

Rachel Lin, CEO of SynFutures, offered a relatively optimistic judgment, stating that the decline in October may be laying the groundwork for the next upward leg of the bull market. She believes that such pullbacks are often the midpoint of a larger cycle. She expects November to enter a "stabilization + cautiously optimistic" phase, and if Bitcoin continues to follow typical post-halving trends, it is possible for Bitcoin to rise to $120,000 to $150,000 by the end of 2025.

Reviewing Trader Perspectives: Is the End of the U.S. Government Shutdown the Dawn?

@CatoKt4 believes the core reason for the decline is that the market is once again being "bled" during a liquidity tightening phase, primarily due to the U.S. government shutdown, which has prevented the Treasury's General Account (TGA) from releasing funds into the market. During the government shutdown, this pool only takes in funds, leading to a significant withdrawal of market liquidity.

That night, the U.S. Treasury auctioned 3-month and 6-month bonds, with a total auction size of $163 billion and an actual auction amount of $170.69 billion. After deducting the reinvestment size from the Fed's SOMA account ($7.69 billion), it means that $163 billion was withdrawn from the financial market to purchase government bonds. In normal times, such a scale of bond auctions has limited impact on risk assets, but during this special period of liquidity tightening, the withdrawal of $163 billion has had a significant impact on the market.

Additionally, hawkish statements from the Federal Reserve have caused the probability of a rate cut in December to drop from 69.8% to 67.5%, undermining market confidence in rate cuts.

@Trader_S18 cited recent reports from Goldman Sachs and Citigroup, indicating that the government shutdown will end within two weeks. Goldman Sachs believes this shutdown is nearing its end and expects a funding agreement to be reached around the second week of November. He suggested the trading rhythm for the next two weeks could be as follows: before November 7, watch if BTC builds a bottom in the $107k-$111k range, and if BTC breaks and stabilizes above $112k before November 12, consider adding positions for a rebound. If the government truly reopens in mid-November, BTC may surge to previous highs of $124k-$126k.

Regarding this situation, he believes the impact of the government shutdown is akin to a hidden interest rate hike, so conversely, considering how harsh the external environment is, the market has only dropped this little is already quite impressive. He urges users to hold on for another week or two, as once the U.S. government reopens and the Treasury begins to draw down its massive TGA cash balance, which is as high as $900 billion, it will flow back into the banking system, akin to a hidden quantitative easing, and good times will come.

@TXMCtrades believes that when the market collectively calls a top, it actually proves that it is not the top, as true tops usually occur when no one expects it, and all coins are surging. This time, only a few large coins are rising, while others remain at low levels, indicating that market enthusiasm has not yet reached its peak, and the bull market may not be over.

@TraderNoah expressed harsh criticism and cautious optimism about the entire crypto industry. He believes that after years of performance, the market can endure these "unacceptable facts." First, current prices are not cheap; even if some tokens have dropped 80%, poorly performing assets should do so because they fundamentally lack value. Second, over 80% of people in the industry are incompetent compared to their qualifications in other industries and will inevitably be naturally eliminated over time. Third, the overall performance of funds is poor; he emphasized that the crypto industry has historically not been taken seriously by outsiders because it is filled with speculation and immaturity.

However, Noah holds an optimistic view for the future, as the excessive behaviors following the 2021 bull market (such as bubbles and low-quality projects) are now finally being eliminated one by one. While this will bring pain in the short term, even leading to the "death" of most market users, it is a necessary process for the industry to move towards success and maturity, a painful transformation.

@CredibleCrypto firmly believes that the market will absolutely not peak at a mere $4 trillion market cap. "Since 2020, I have repeatedly said that we will see at least a $10 trillion total market cap before this cycle ends, and I still hold this view. I will not sell anything at a $4 trillion market cap."

@Ashcryptoreal emphasized an optimistic outlook through historical comparisons. He recalled that in early November 2024, Bitcoin plummeted from $71k to $66k, and everyone generally thought the market was doomed, but just 45 days later, it surged 60% to $108k; during the same period, from November 4 to December 15, ETH rose 75%, and the total market cap of other tokens skyrocketed by 138%, with many small coins increasing by 5-10 times in less than two months, showing that the market can generate explosive parabolic returns in a short time. Now, with a similar decline in early November 2025, he pointed out, "All data is positive, including the Fed's rate cut in December, the end of quantitative tightening (QT) on December 1, the initiation of quantitative easing (QE) (Fed buying government bonds), the signing of the U.S.-China trade agreement, gold prices reaching a peak, and U.S. stocks hitting new highs."

He firmly believes that crypto prices are being manipulated and suppressed, rejecting the notion that the crypto market would end under the backdrop of ample global liquidity and rising other assets, thus choosing to hold onto his coins and patiently wait. Although the process is not easy, investing in the crypto market inherently comes with risks.

Finally, despite differing interpretations of the reasons for this pullback—some believe it is due to funds rotating to traditional markets, others think it is early holders taking profits, and some attribute it to liquidity tightening caused by the government shutdown—it is certain that the market is in a critical waiting period, including the reopening of the U.S. government and a policy shift from the Federal Reserve. It is undeniable that Bitcoin's fundamentals are stronger than ever, as historical data shows that Bitcoin's average return in the third quarter remains positive at 6.05%. Moreover, November has been one of Bitcoin's strongest performing months over the past few years, with an average increase of 42% over the past 12 years.

This phenomenon of shifting from concentrated to dispersed holdings may be the transitional period needed for Bitcoin to officially graduate from the experimental stage to becoming a long-term monetary asset.

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