BTC and ETH have both experienced defensive rebound repairs, which can be seen as putting a stop to market sentiment. November is one of the worst months since the launch of the Bitcoin ETF, Approximately $3.6 to $3.8 billion flowed out throughout the month, and the main tone of the large funds was to withdraw shipments. In recent days, there has been an inflow of approximately $150 million, which includes some bold bargain hunting funds and some exploratory funds entering the market. Compared to the outflow of the main force, it seems like a drop in the bucket. The mentality of institutions and individual investors to buy at the bottom is similar now. They take advantage of the price falling to the range of 80000 to 90000 US dollars and buy a little to balance their positions. They are not optimistic about the future market and therefore increase their positions, Another interesting detail is that ETH has been more popular than BTC in recent days, with ETFs experiencing net inflows for four consecutive days. The reason for this is also simple: bottom fishing funds tend to search for targets that have fallen more and have higher cost-effectiveness. Compared to ETF fund structure, on chain behavior is more transparent and easier to see investors' trends. On chain data shows that in recent weeks, short-term holders have been selling their coins at a loss, with approximately 65200 bitcoins being transferred to the exchange in panic. Long term holders (especially investors who buy at low levels) continue to cash out at high levels of 100000 to 120000. Even though the price has fallen now, they are not in a hurry to buy at the bottom, continuing to observe and even selling slightly. On the contrary, most long-term holders think that the current price (around 90000 yuan) may not be a foam, nor is it cheap enough to be worth cleaning up. In fact, even though BTC has fallen to 90000, 62.4% of the circulating supply is still profitable. The current large-scale rebound in the market will undoubtedly enhance the selling motivation of these long-term holders. Therefore, the cryptocurrency market is in a stalemate state, which is a common problem in liquidity driven markets. In an ideal situation, the market needs a long time (six months or even a year) to sideways, digest the selling pressure above, wash the chips again, and prepare for the next round of sharp rise. However, it cannot be ruled out that the macro environment may deteriorate rapidly. If it happens, this rebound will look more like an opportunity to escape.