http://Greeks.Live Chinese Community Daily Briefing ===== Release date: November 21, 2025 Overall market sentiment ===== The market is in a state of extreme panic, and group members are generally bearish, believing that it is experiencing a spiral killing. Key focus areas: BTC 86800-85000, ETH 3000-2000. Most traders believe that a large-scale liquidation is needed to stop the decline, and some members expect a possible rebound after Thanksgiving, but the divergence lies in the bottom position, with some seeing 76K or even 50K. BTC holdings have reached a historic high while prices continue to decline, with a staggering long short ratio of 4.1. The market consensus is that long positions are gradually being liquidated. hot topic ===== Abnormal holdings and liquidation risks: Binance BTC holdings have risen instead of falling during the price crash, exceeding the pre 1011 level, with IV continuing to climb and forward IV also rising. Traders generally believe that such large positions must be ended through a large-scale liquidation by one party. Currently, in the positive rate environment, long positions are still buying at the bottom and adding positions, forming a stampede effect. Multiple traders have pointed out that long positions have been trapped in a tiered pattern at 112K-102K-92K, with the current resistance level around 86K, but there are ongoing long stop losses. Option Strategy and Volatility Trading: The Gamma concentration zone in the market has shifted to the left to the range of 2900-2800, with Doomsday Options IV soaring to 76-100. Some traders have started shorting IV and waiting for a rebound, while others have adopted a post apocalyptic butterfly strategy (86500 center price) to replenish their positions. The Beta attribute of BTC has been strengthened, and forward calls are hesitant to close positions due to the surge in IV, putting pressure on sellers to receive orders. Some traders have successfully made profits through deep ITM Put Spread hedging, but most traders who go long suffer severe losses. ETF fund flow and institutional behavior: Yesterday, BTC ETF experienced the largest single day net outflow of nearly 10000 units in history, which the market believes is a real spot sell-off. A certain whale cleared its ETH position and sold WBTC, resulting in a net loss of 26.348 million US dollars in four months. Brother Ma Ji's continuous recharge and long ETH has been cleared 145 times, which has become a reverse indicator. CryptoQuant CEO and other analysts believe that the deleveraging cycle is coming to an end, but traders in the group generally do not trust shouting orders and emphasize the need to act according to strategy. Currently, the safest thing is to hold cash as king and wait for opportunities.