The pullback on Saturday continued into the critical weekend in mid-November. On November 14, 2026, the cryptocurrency market overall weakened. According to relevant data, Bitcoin fell about 11.36% over the past week, while Ethereum dropped approximately 15.18%. Mainstream assets were generally under pressure, with Ethereum temporarily reporting about $1,889.24 at 11:36 AM Beijing time, falling below the $1,900 mark, performing relatively weaker. In the same week of price decline, Morgan Stanley, however, went against the trend by increasing its position in the spot Bitcoin ETF MSBT, reportedly buying about 735 Bitcoins for approximately $52.87 million this week. On the other side, its corresponding address for the participating spot Solana ETF MSOL transferred 24,452 SOL to Coinbase, which the market viewed as a suspected reduction signal, forming a contrasting adjustment action of “increasing Bitcoin while transferring Solana to the trading platform.” Outside of institutional adjustments, Liquid Capital founder Yi Lihua attributed this round of Saturday decline to the impact of the “Jensen Huang incident” on U.S. stock expectations, believing that a further 30% drop in U.S. stocks is not impossible. In this environment of unclear risks, the leading drop of Ethereum and the cautious stance of professional traders collectively outline a distinctly different rhythm and risk judgment in this round of pullback.

Morgan Stanley Buys Bitcoin but Transfers Solana

In this round of pullback, Morgan Stanley's actions first fell on the spot Bitcoin ETF MSBT. According to AiCoin data, even as Bitcoin fell over 10% in the past week, MSBT still bought about 735 Bitcoins this week, investing about $52.87 million. This indicates that institutions chose to continue to divert their chips towards Bitcoin within the price decline range, rather than passively following emotional sell-offs. Unlike the off-market discussions that retail investors find difficult to observe, this increase is directly reflected in the ETF subscription records, providing hard evidence of the judgment “to increase Bitcoin amid the downtrend.”

In contrast, the spot Solana ETF MSOL under the same institution has taken a different action. This week, the corresponding address of MSOL transferred 24,452 SOL to Coinbase, which is a typical on-chain path of “shifting from custodial positions to trading platforms.” The market generally views this as a suspected reduction signal; however, there is currently no disclosure of trades or remaining positions, and any conclusions of “having sold” or “liquidated” can only be regarded as speculation. In this same time window, on one hand, expanding Bitcoin exposure through MSBT, and on the other, transferring Solana from MSOL to the trading platform, this combination of actions appears more like a rebalancing of assets and adjustment of risk preference: increasing the allocation weight of Bitcoin during the pullback while making tactical adjustments for Solana, instead of simply having a one-sided bullish or bearish view on one chain. These signals occurring simultaneously on both ETF and on-chain levels provide a behavioral basis that can be quantified and reviewed for subsequent discussions on the divergence between institutions and overall market sentiments.

Yi Lihua Stays Put: Warning of a 30% Further Drop in U.S. Stocks

If Morgan Stanley is using ETF and on-chain actions to shift chips from Solana to Bitcoin, then Yi Lihua's choice is closer to “sheathing the gun.” The founder of Liquid Capital attributed the continued decline on Saturday primarily to the impact of the “Jensen Huang incident” on U.S. stock expectations, rather than a significant movement of funds on any specific blockchain. In several reports, the “Jensen Huang incident” is seen as an important triggering point for recent weakening risk sentiment, but specific details have not been fully disclosed. The ambiguous statement by NVIDIA's board of directors regarding the CEO candidate has only further diminished the market's confidence in the U.S. stock market and the chip sector. In this context, he openly warned that a further 30% drop in U.S. stocks is “not impossible,” hence he believes it is not prudent to hastily determine that the cryptocurrency market has reached a bottom.

Returning to the price levels from the trader's language, Yi Lihua regards the previous approximately $86,000 as Bitcoin's intermediate high point, monitoring subsequent support levels at $79,000, $75,000, and $71,000. His plan is to wait for stability around the $77,000 level before considering a right-side bottoming strategy, rather than increasing positions in the currently unclear range. Rather than saying he is bearish on Bitcoin, it is more accurate to say he is using a strict risk management framework to resist the impulse to “buy on dips”: when Morgan Stanley chose to increase its position in Bitcoin ETF during this week's pullback, he opted to remain still and leave trading decisions to the evolution of forthcoming key support levels. This distinctly different response strategy to the same round of pullback sharply illustrates the uncertainty and divergence within so-called “smart money” regarding the upcoming path.

Ethereum Leads the Drop: Risk Sectors More Sensitive to Adjustments

As of 11:36 AM Beijing time on November 14, single-source data indicated that Ethereum was priced at about $1,889.24, briefly dropping below the $1,900 mark, with a weekly decline of approximately 15.18%, significantly deeper than Bitcoin's decline of about 11.36%. In this same round of market performance, the two core assets followed distinctly different curves: one remains within a relatively mild decline range, while the other was the first to break through the key level. The leading drop characteristic in price performance exposes the strong and weak divisions within mainstream assets intuitively on the screen.

This relative weakness is not merely a difference in technical graphics but seems like a result of emotional sorting. When risk sentiment weakens, the market tends to cut down first on those sectors that are more volatile, have valuations more sensitive to expectations, and are more front-line in narrative, with Ethereum's performance highly fitting this common pattern; in contrast, Bitcoin, viewed by many as the “core anchor,” fared relatively better during this pullback, indicating that when compressing risk exposure, investors are more inclined to first reduce positions from assets like Ethereum rather than immediately sell off their core Bitcoin positions. Such asset selection preferences at the price level will be an unavoidable contextual background in subsequent discussions about institutions “increasing BTC while reducing other public chain assets,” and professional traders' strategies for making choices between Bitcoin and Ethereum.

The Shadow of the Jensen Huang Incident: Emotional Transmission from Chips to Crypto

Behind the choices of adding or reducing positions at the asset level, the source of this round of risk sentiment can be traced to a more abstract “Jensen Huang incident.” The existing public information has not provided specific details and timelines of the incident, only treating it as an emotional trigger point that lowers expectations for U.S. stocks rather than a fault on any blockchain or a black swan event from a single company. Liquid Capital founder Yi Lihua clearly stated around November 14 that the continued decline of the cryptocurrency market on Saturday was primarily due to this incident impacting investors' optimistic expectations for the future performance of U.S. stocks. Thus, he chose to observe temporarily instead of interpreting this pullback as a purely on-chain risk release.

Concerning NVIDIA itself, Golden Finance's afternoon report quoted NVIDIA's board stating that the board has not formally engaged with any CEO candidates, and this single-source statement has been regarded by many commentators as an uncertain signal regarding corporate governance and the future direction of the chip leader. As information about the “Jensen Huang incident” is similarly concentrated in a few sources, analysis can only treat it within the dimension of “emotional background” rather than hard facts: on one side, the outlook for U.S. stocks and chip sectors is under question marks, while on the other, the pullback of crypto assets in mid-November occurred simultaneously with this emotional fluctuation, resulting in risks manifesting in cross-asset narratives, making the cryptocurrency market appear to be discounting U.S. stock variables rather than independently forging a path unrelated to traditional market trends.

Smart Money in Panic: Next to Watch for Moves

In this round of pullback driven by the emotional spillover from the “Jensen Huang incident,” Morgan Stanley bought about 735 Bitcoins through MSBT while transferring 24,452 Solana from the corresponding address of MSOL to Coinbase, forming a sharp contrast with Yi Lihua's clear stance of “not considering bottom fishing” and waiting to enter when Bitcoin approaches around $77,000—smart money itself is showing divergence: institutions hedge uncertainty through cross-asset adjustment while professional traders see the timing for mitigating U.S. stock risks as a core coordinate for whether to enter. In the short term, it is difficult to judge whose position is more “correct,” but it is certain that this divergence has already been written on-chain and in the market: Bitcoin is being increased in allocation during the pullback, while Ethereum's roughly 15% decline over the past week and relative weakness compared to Bitcoin expose it to greater adjustment pressure from “risk sectors.” The variables worth continuously observing next are whether the rhythm of MSBT and MSOL holdings and on-chain transfers continues with “increasing BTC and reducing SOL,” whether the price action of Bitcoin around $77,000 provides clear support, whether Ethereum’s relative strength against Bitcoin improves, and how U.S. stock developments related to the “Jensen Huang incident,” especially the subsequent statements from NVIDIA's board regarding management issues evolve; in a phase where information is still incomplete and emotional disturbances have not fully dissipated, all these signals resemble local fragments in a long-term game, and readers should treat them as a dynamic puzzle to track rather than expecting any single action to provide absolute guidance for future market trends.

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